Since Bitcoin Dumped Massively, Here Is What To Consider Now!

25 ต.ค. 2020

Hello Traders Investors And Community,

Welcome to this analysis where we are looking at Bitcoins 1-Hour timeframe perspective, the recent events, the current formational structure and what we can expect the next times. What a massive dump bitcoin has shown up with the last times as it tested the upper boundary of the ascending channel, it is not seldom seen that after such bearish volatility to the downside there comes a further continuation and more bearish pressure to follow up with, in this case, it is important to elevate in the current situation if bitcoin manages to somewhat stabilize from this heavy downside volatility or it sets up to follow up with more bearishness the upcoming time, in this case, I detected the important levels and possible outcomes we should consider now.

Looking at my chart you can watch there bitcoin trading within this huge ascending-channel-formation where the dumb has the origin within the upper boundary almost exaggerating with a strong bearish and volatile move into the lower boundary where it found some support within the lower boundary and the important 80-EMA marked in red in my chart, these two reference-points are highly important to hold considering any stabilization. The next times we can expect bitcoin to form a smaller bounce from these levels which will directly run into massive resistance where not only the Fibonacci-resistance lies within the 13160 level but also the middle-line of the channel has the middle-line-resistance as it is marked in my chart, this level is likely to firstly produce a pullback firstly to the lower boundary and the back-up-zone lying there again, when Bitcoin does not manages to form a substantial bounce in this area it will continue with the bearish pressure when falling below the 80-EMA and closing below the lower boundary as it will then move into the bearish-continuation-zone where bearishness will continue till the next proper support which is farther away at the 12600 level here.

This example shows one more time that the trend changes within the market especially in volatile ones like the cryptocurrency market should not be underestimated, in such situations it is highly important to prepare when a possible reversal or volatility can show up as this is often determining for the outcomes, in such situations we should not overspeculate the market and rely on the proper instruments to take up a comprehensive side of things. Especially in times where smart money operators pushing the prices up and down individual traders have often problems following up with these important facts and realities do not lose in actuality. Therefore it will be important to elevate and keep calm to look at what bitcoin is now coming up next times as suggested.

In this manner, thank you to everybody for watching, have a good day as well as good trading, 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 market.