Hello Traders Investors And Community,
Welcome to this analysis about Bitcoin, we are looking at the 4-hour timeframe perspective, the recent events, the established formational structure, and what we can expect within the upcoming times. As already mentioned in the previous analysis Bitcoin is about to complete this decisive inverse head-and-shoulder-formation that when finalized point to the upper-levels, besides that now I discovered other important levels worthwhile in determining upcoming destinations, for now, we should not in any case underestimate the bearish perspective here, therefore I detected all the important price-levels and likely outcomes we should consider with Bitcoin in the established situation and upcoming movements ahead.
As when looking at my chart we can watch there Bitcoin with forming this important head-and-shoulder-formation actually bounced recently with the head and right-shoulder-approach within the 100-EMA marked in black in my chart which is a meaningful sign as the 100-EMA was severely support/resistance in the developments in the past before. This is why the possibility for the right shoulder development and therefore finalization of the head-shoulder-formation increases here, which will show up with Bitcoin finally marking above the neckline in my chart in blue from where we can anticipate the further up moves however these up moves will run directly into the strong resistance layers above that will be extremely crucial at this point.
Taking all these factors into consideration Bitcoin will with a high likelihood pullback when reaching the major resistance-cluster marked in my chart in red there is a possibility given that Bitcoin moves above this resistance however it is very marginally. After this highly likely pullback to establish Bitcoin will move on to test the 200-EMA again and possibly confirm it as support nevertheless when Bitcoin does not hold this necessary EMA we will see more protracted bearish movements below it and within the bearish-continuation-zone, for now, these cases should not be kept by side here and we should be prepared on possible stronger and more protracted pullbacks ahead upcoming times to do not get overwhelmed by circumstances when these show up.
In this manner, thank you for watching the analysis, have a good day, and of course good trading, 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 4-hour timeframe perspective, the recent events, the established formational structure, and what we can expect within the upcoming times. As already mentioned in the previous analysis Bitcoin is about to complete this decisive inverse head-and-shoulder-formation that when finalized point to the upper-levels, besides that now I discovered other important levels worthwhile in determining upcoming destinations, for now, we should not in any case underestimate the bearish perspective here, therefore I detected all the important price-levels and likely outcomes we should consider with Bitcoin in the established situation and upcoming movements ahead.
As when looking at my chart we can watch there Bitcoin with forming this important head-and-shoulder-formation actually bounced recently with the head and right-shoulder-approach within the 100-EMA marked in black in my chart which is a meaningful sign as the 100-EMA was severely support/resistance in the developments in the past before. This is why the possibility for the right shoulder development and therefore finalization of the head-shoulder-formation increases here, which will show up with Bitcoin finally marking above the neckline in my chart in blue from where we can anticipate the further up moves however these up moves will run directly into the strong resistance layers above that will be extremely crucial at this point.
Taking all these factors into consideration Bitcoin will with a high likelihood pullback when reaching the major resistance-cluster marked in my chart in red there is a possibility given that Bitcoin moves above this resistance however it is very marginally. After this highly likely pullback to establish Bitcoin will move on to test the 200-EMA again and possibly confirm it as support nevertheless when Bitcoin does not hold this necessary EMA we will see more protracted bearish movements below it and within the bearish-continuation-zone, for now, these cases should not be kept by side here and we should be prepared on possible stronger and more protracted pullbacks ahead upcoming times to do not get overwhelmed by circumstances when these show up.
In this manner, thank you for watching the analysis, have a good day, and of course good trading, 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.