Hi my friends,
Welcome to this analysis about Bitcoin, we are looking at the 1-hour timeframe perspective. Bitcoin since it managed to breakout above the 24000 USD level has pulled back and confirmed a new bounce to the upside, as I discovered now Bitcoin is forming a decisive formation that will be the determining source within the next outcomes that should not be kept by side for now, therefore I detected all the important levels and likely scenarios we should consider here.
As when looking at my chart we can watch there how Bitcoin is developing this ascending-channel-formation marked in blue in my chart with the coherent wave-count established within the formation and waves A to C already completed, currently Bitcoin is testing the upper boundary of the channel which is likely to show up with a pullback and the next wave D to protract from there, this wave D will run into the lower final-wave-emerging-cluster marked in my chart in blue from where the wave E has high potential to originate, this wave then will run into the upper resistance-cluster marked in my chart in red which is also a Fibonacci-extension from the former wave. Basically, the decisive moves will develop from there because when Bitcoin shows up with a strong bearish rejection and moves into the lower boundary anew this can lead to a breakout of the channel to the downside which will increase bearishness and point to lower levels, also when looking on the overbought conditions Bitcoin is moving into this scenario should not be underestimated.
Bitcoin the last times reached high levels and moved into strong upside volatility with all-time-high regions reached seen never before, in such market-situations it is important to do not overspeculate the market as it is happening to often and keep the reverse in mind as it is not seldom seen that the market is setting up for a bigger pullback when such extreme conditions are reached similarly as we have seen it in the past especially within the high volatile cryptocurrency market.
In this manner, thank you for watching the analysis, have a great Christmas and upcoming Happy New Year's Eve, many thanks for all people supporting this year, all the best!
"There are many roads to prosperity but one must be taken."
Information provided is only educational and should not be used to take action in the markets.
Welcome to this analysis about Bitcoin, we are looking at the 1-hour timeframe perspective. Bitcoin since it managed to breakout above the 24000 USD level has pulled back and confirmed a new bounce to the upside, as I discovered now Bitcoin is forming a decisive formation that will be the determining source within the next outcomes that should not be kept by side for now, therefore I detected all the important levels and likely scenarios we should consider here.
As when looking at my chart we can watch there how Bitcoin is developing this ascending-channel-formation marked in blue in my chart with the coherent wave-count established within the formation and waves A to C already completed, currently Bitcoin is testing the upper boundary of the channel which is likely to show up with a pullback and the next wave D to protract from there, this wave D will run into the lower final-wave-emerging-cluster marked in my chart in blue from where the wave E has high potential to originate, this wave then will run into the upper resistance-cluster marked in my chart in red which is also a Fibonacci-extension from the former wave. Basically, the decisive moves will develop from there because when Bitcoin shows up with a strong bearish rejection and moves into the lower boundary anew this can lead to a breakout of the channel to the downside which will increase bearishness and point to lower levels, also when looking on the overbought conditions Bitcoin is moving into this scenario should not be underestimated.
Bitcoin the last times reached high levels and moved into strong upside volatility with all-time-high regions reached seen never before, in such market-situations it is important to do not overspeculate the market as it is happening to often and keep the reverse in mind as it is not seldom seen that the market is setting up for a bigger pullback when such extreme conditions are reached similarly as we have seen it in the past especially within the high volatile cryptocurrency market.
In this manner, thank you for watching the analysis, have a great Christmas and upcoming Happy New Year's Eve, many thanks for all people supporting this year, all the best!
"There are many roads to prosperity but one must be taken."
Information provided is only educational and should not be used to take action in the markets.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
►✅JOIN THE BEST+ TOP TELEGRAM TRADING CHANNEL: t.me/VincePrinceForexGoldStocks
►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.