Bitcoin, Develops Decisive Bear-Flag, What To Consider!

29 ธ.ค. 2020

Hi my friends,

Welcome to this analysis about Bitcoin, we are looking at the 30-minute timeframe perspective, the recent events, the current formational structure, what we can expect the next times and how to possibly handle the situation appropriately. Bitcoin since forming its high at around 28400 initially pulled back and showed up with increased bearish price-action that should not be kept by side, for now, currently, Bitcoin is also forming a decisive formation that will show the further conclusions with the differentiated price-action, therefore I detected all the important levels and likely outcomes we should consider with Bitcoin within the established structure and the upcoming movements.

As when looking at my chart we can watch there what formation Bitcoin is at the moment building within its structure this formation is within the first line an ascending-channel-formation marked in blue in my chart, besides that Bitcoin has established this coherent wave-count within the formation already completing waves A and B and now setting up to form the final wave E that will complete the whole wave-count and will run directly into the major upper-resistance marked in my chart in red where several resistances coming together consisting of the Fibonacci-resistance, the horizontal resistance and the upper-boundary-resistance making it a highly likely place to show up with the pullback as it is shown.

Taking all these factors into consideration it is of high importance that the confirmations show up within the structure before moving into the final direction, the final bear-flag-confirmation will show up when Bitcoin finally moves below the lower boundary of the formation and also below the 200-EMA in blue, such price-action will activate further bearishness and point to lower levels in the structure, on the reverse when Bitcoin does not establish such a confirmation to stay above the boundary and EMA this can possibly invalidate the bear-flag-scenario when Bitcoin gains strength above the level however when looking at the situation and the significant signs within this scenario is currently not the most likely and the bearish perspective should not be underestimated here, next times will show how the circumstances develop and how Bitcoin moves on, in any case, we should be prepared on possible further declines.

In this manner, thank you for watching the analysis, have a great upcoming New Year's Eve, many thanks for all people supporting this year, 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.