Hi my friends,
Welcome to this analysis about Bitcoin, we are looking at the 4-hour timeframe perspective. As Bitcoin showed up last times with initial bearish volatility to the downside on the local timeframes this is actually matching to a more global bearish perspective as I discovered, Bitcoin is forming a crucial formation that can be the source of protracted volatility to the downside which should not be underestimated or kept by side especially as Bitcoin is more over already trading in overbought regions, therefore detected all the important levels and likely perspective we should consider with Bitcoins established structure and the upcoming movements ahead.
As when looking at my chart we can watch there how Bitcoin is about to form this major head-and-shoulder-formation marked in my chart with the blue neckline, the left shoulder, as well as the head already completed and now, is Bitcoin about to develop the right shoulder that is likely to finalize this whole formation which will happen when Bitcoin increase with bearishness further from the point it is now and building up on this initial bearishness we have seen before, when this happens and Bitcoin finally moves below the neckline to close there this will finalize the whole head-shoulder-formation and activate lower levels in the structure.
Upcoming times when Bitcoin increases with bearish pressure further from here and complete this whole formation targets will be determined seen in my chart within the blue level and the support lying there from the previous all-time-high that was resistance and is now support, this is actually also a good zone for Bitcoin to stabilize and back-up to test upper resistances anew however when Bitcoin does not hold this level sustainably after moving into it and when Bitcoin increases bearishness further this will lead to more downside action when Bitcoin closes below the ascending-support-line that is crucial to hold sustainably building up from there.
Taking all these factors into consideration Bitcoin has a serious possibility to show up with these protracted and exaggerated bearishness further upcoming times however it is inevitably important to do not rush into trades here and wait for the right confirmations below the neckline of the formation because it sometimes happens that such formations breakout to the upside with a stabilization above the neckline and then continuation to the upside this is why we should keep patient here to do not overspeculate the market as this is happening to often these days and look for the proper validations under the given circumstances suggested, it will be an interesting journey ahead.
In this manner, thank you for watching the analysis, have a great day and weekend, all the best!
"Prospect is the ingredient of good fortune."
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. As Bitcoin showed up last times with initial bearish volatility to the downside on the local timeframes this is actually matching to a more global bearish perspective as I discovered, Bitcoin is forming a crucial formation that can be the source of protracted volatility to the downside which should not be underestimated or kept by side especially as Bitcoin is more over already trading in overbought regions, therefore detected all the important levels and likely perspective we should consider with Bitcoins established structure and the upcoming movements ahead.
As when looking at my chart we can watch there how Bitcoin is about to form this major head-and-shoulder-formation marked in my chart with the blue neckline, the left shoulder, as well as the head already completed and now, is Bitcoin about to develop the right shoulder that is likely to finalize this whole formation which will happen when Bitcoin increase with bearishness further from the point it is now and building up on this initial bearishness we have seen before, when this happens and Bitcoin finally moves below the neckline to close there this will finalize the whole head-shoulder-formation and activate lower levels in the structure.
Upcoming times when Bitcoin increases with bearish pressure further from here and complete this whole formation targets will be determined seen in my chart within the blue level and the support lying there from the previous all-time-high that was resistance and is now support, this is actually also a good zone for Bitcoin to stabilize and back-up to test upper resistances anew however when Bitcoin does not hold this level sustainably after moving into it and when Bitcoin increases bearishness further this will lead to more downside action when Bitcoin closes below the ascending-support-line that is crucial to hold sustainably building up from there.
Taking all these factors into consideration Bitcoin has a serious possibility to show up with these protracted and exaggerated bearishness further upcoming times however it is inevitably important to do not rush into trades here and wait for the right confirmations below the neckline of the formation because it sometimes happens that such formations breakout to the upside with a stabilization above the neckline and then continuation to the upside this is why we should keep patient here to do not overspeculate the market as this is happening to often these days and look for the proper validations under the given circumstances suggested, it will be an interesting journey ahead.
In this manner, thank you for watching the analysis, have a great day and weekend, all the best!
"Prospect is the ingredient of good fortune."
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.