Hello Traders Investors And Community,
Welcome to this analysis about Bitcoin, we are looking at the local hourly timeframe perspective, the recent events, the current formation, what we can expect the next times, and how to possibly handle the situation. As I discovered Bitcoin is forming an interesting formation here that can show up with some worthwhile potentials firstly on this timeframe perspective when the proper price-action shows up however it is necessary to assess that Bitcoin on the more global perspectives is still not yet completely bullish and the possibilities for pull-backs are still present this is why the current formation can lie some good volatility firstly on the short-term, what happens after it has to be elevated anew.
As when looking at my chart we can watch there how Bitcoin is now trading within this possible inverse head-and-shoulder-formation marked in my chart in orange with the blue neckline. The left shoulder and the head already almost completed and now Bitcoin is about to form the right shoulder of the formation within the schedule moving into the completion of this important formation, therefore Bitcoin has the major support within the Fibonacci-levels marked in my chart in blue and the confirmational-bounce-cluster within my chart where a bounce to the upside needs to show up, taking this into consideration it is of inevitable high importance that Bitcoin does not move below the cluster again because this will invalidate the formation firstly.
The next time's Bitcoin will show how it completes this great formation and how the breakouts and continuation can look like, the final confirmation will show up when Bitcoin finally breaks out above the upper boundary and closes there as it is marked in my chart to show up with a continuation and pointing to the upside targets, when these are reached it needs to be elevated if Bitcoin continues with bullishness ahead or firstly forms a reversal visiting lower levels. The whole formation can be traded either aggressively with immediate entry or conservative with entry after confirmation, although the aggressive entry is also possible the conservative one will be much better as it will point to the finalized setup.
In this manner, thank you for watching the analysis, have a good day, and of course good trading, all the best!
"Trading effectively is about assessing possibilities, not certainties."
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 local hourly timeframe perspective, the recent events, the current formation, what we can expect the next times, and how to possibly handle the situation. As I discovered Bitcoin is forming an interesting formation here that can show up with some worthwhile potentials firstly on this timeframe perspective when the proper price-action shows up however it is necessary to assess that Bitcoin on the more global perspectives is still not yet completely bullish and the possibilities for pull-backs are still present this is why the current formation can lie some good volatility firstly on the short-term, what happens after it has to be elevated anew.
As when looking at my chart we can watch there how Bitcoin is now trading within this possible inverse head-and-shoulder-formation marked in my chart in orange with the blue neckline. The left shoulder and the head already almost completed and now Bitcoin is about to form the right shoulder of the formation within the schedule moving into the completion of this important formation, therefore Bitcoin has the major support within the Fibonacci-levels marked in my chart in blue and the confirmational-bounce-cluster within my chart where a bounce to the upside needs to show up, taking this into consideration it is of inevitable high importance that Bitcoin does not move below the cluster again because this will invalidate the formation firstly.
The next time's Bitcoin will show how it completes this great formation and how the breakouts and continuation can look like, the final confirmation will show up when Bitcoin finally breaks out above the upper boundary and closes there as it is marked in my chart to show up with a continuation and pointing to the upside targets, when these are reached it needs to be elevated if Bitcoin continues with bullishness ahead or firstly forms a reversal visiting lower levels. The whole formation can be traded either aggressively with immediate entry or conservative with entry after confirmation, although the aggressive entry is also possible the conservative one will be much better as it will point to the finalized setup.
In this manner, thank you for watching the analysis, have a good day, and of course good trading, all the best!
"Trading effectively is about assessing possibilities, not certainties."
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.