Bitcoin-Market-Status-Update-Analysis

9 ก.ย. 2020

Hi my friends,

Welcome to this analysis about bitcoin, we are looking at the 4-hour chart, bitcoin is still mingling above the important 10.000 USD mark and is hold it so far, currently, the volatility is low this is why there will come a big volatile move sooner or later, the question is where this move will go and if bitcoin firstly visits higher levels, overall we can note that the 10.000 USD mark is a highly important support and when it is broken to the downside there will come increased bearish pressure to the downside, however, this mark is still holding and there are some possible next bullish outcomes which leading into resistance, therefore it is important that we don't over speculative the market in the wrong direction and acknowledge the possible bottom which bitcoin is building above the 10.000 USD mark here, further we should not ignore that bitcoin has still strong resistance levels and that possible further downside is not from the table for now.

Looking at my chart you can watch there bitcoin just bounced several from the 10.000 USD mark and also formed this overall descending-channel-formation marked in orange in my chart, furthermore, it has support at the 1000-EMA marked in green within the channel, besides bitcoin has this rising grey trendline where it already bounced several times, this trendline is really crucial to hold because bitcoin needs to stabilize above it and also above the middle line of the channel considering a breakout of the channel which will happen sooner or later. Bitcoin has the potential to complete this double bottom yes however the price-action seen by now is too weak it needs to increase in volatility to confirm this double bottom fully otherwise it can still invalidate, when bitcoin manages to move above the upper boundary of its descending-channel formation there is some good potential given that bitcoin continues.

As bitcoin still has support in the range and also within the trendlines a bounce above the upper boundary can be taken into considerations, when bitcoin does this it has the potential to move to higher levels which will be an important factor as these are Fibonacci-resistance where the price can reverse, it is important to elevate how the price action in these levels is, when it is a swift downside move this increases the possibility for more downside, when it is a weaker move bitcoin can stabilize above the trendline and test the other Fibonacci-resistance. Overall bitcoin has some potential given when it moves above the upper boundary nevertheless we should not ignore the strong resistance levels lying there which can easily confirm another bearish leg to the downside, in this case, we should anticipate that another leg is possible to not get overwhelmed when it is happening as this is seen too often these times.

In this manner, thank you for watching, support for more market insight, good weekend to you and all the best!
"Good luck is when opportunity meets preparation."

Information provided is only educational and should not be used to take action in the markets.

10 ก.ย. 2020

บันทึกช่วยจำ

Bitcoin made the move above the upper boundary of the channel, we can expect to test the remaining resistance now.