Hi my friends,
Welcome to this analysis about Bitcoin, we are looking at the 1-hour timeframe perspective. Recently Bitcoin completed a major decisive formation that has shown up with strong bearish movements to the downside which should not be underestimated here especially as the reversal happened swiftly and with strong volatility as well as volume there are however possibilities for recovery when Bitcoin manages to show up with the proper price-action otherwise it is important to keep a possible bearish continuation and extension in the back-mind, therefore I detected all the meaningful levels and likely outcomes we should consider.
As when looking at my chart we can watch there how Bitcoin moved into this strong descending-trend-line marked in black and formed by the past price-action, this trendline Bitcoin firstly confirmed as support and bounced from there, just slightly below is the 200-EMA, the fact that Bitcoin has some significant supports within this zone in which the ascending-trend-line is also adding into makes it a zone where Bitcoin has the potentials given to form a recovery nevertheless it is from high importance that Bitcoin also confirms this and shows up with the proper price-action to validate a possible back-up, otherwise when this does not happen and Bitcoin increases with bearishness further Bitcoin will move into a wave-C-extension when moving below the support-cluster marked in my chart in blue, when Bitcoin moves below these levels this will increase bearish pressure and lead into the wave-C-extension-zone pointing to lower levels.
The next times will be extremely crucial here as they will show if Bitcoin has the strength to recover within the structure or it firstly visits lower levels, therefore it is necessary to wait for the proper confirmations in each of these cases, the bullish recovery can show up when Bitcoin manages to bounce strongly within the zone with god volume, a bounce from the 200-EMA will be the best in this case, otherwise when this does not happen and the bullishness decreases further a definite close below the blue support-cluster will indicate the wave-C-extension and protracted bearish pressure ahead, these are the two major scenarios that need to be considered in the near future determining Bitcoins further destinies.
In this manner, thank you for watching the analysis, have a great day and weekend, 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. Recently Bitcoin completed a major decisive formation that has shown up with strong bearish movements to the downside which should not be underestimated here especially as the reversal happened swiftly and with strong volatility as well as volume there are however possibilities for recovery when Bitcoin manages to show up with the proper price-action otherwise it is important to keep a possible bearish continuation and extension in the back-mind, therefore I detected all the meaningful levels and likely outcomes we should consider.
As when looking at my chart we can watch there how Bitcoin moved into this strong descending-trend-line marked in black and formed by the past price-action, this trendline Bitcoin firstly confirmed as support and bounced from there, just slightly below is the 200-EMA, the fact that Bitcoin has some significant supports within this zone in which the ascending-trend-line is also adding into makes it a zone where Bitcoin has the potentials given to form a recovery nevertheless it is from high importance that Bitcoin also confirms this and shows up with the proper price-action to validate a possible back-up, otherwise when this does not happen and Bitcoin increases with bearishness further Bitcoin will move into a wave-C-extension when moving below the support-cluster marked in my chart in blue, when Bitcoin moves below these levels this will increase bearish pressure and lead into the wave-C-extension-zone pointing to lower levels.
The next times will be extremely crucial here as they will show if Bitcoin has the strength to recover within the structure or it firstly visits lower levels, therefore it is necessary to wait for the proper confirmations in each of these cases, the bullish recovery can show up when Bitcoin manages to bounce strongly within the zone with god volume, a bounce from the 200-EMA will be the best in this case, otherwise when this does not happen and the bullishness decreases further a definite close below the blue support-cluster will indicate the wave-C-extension and protracted bearish pressure ahead, these are the two major scenarios that need to be considered in the near future determining Bitcoins further destinies.
In this manner, thank you for watching the analysis, have a great day and weekend, 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.