BITCOIN, Way To A Dedicated BREAKOUT, Upcoming Possibilities!

21 ส.ค. 2021

Hello,

Welcome to this analysis about Bitcoin, we are looking at the 2-day timeframe perspectives. Bitcoin in recent times has shown up with important determining price-actions moving directly into the remaining resistances and testing them. Besides that the Wyckoff-accumulation I mentioned in the previous analysis is nearly completed and with these dynamics, Bitcoin has the ability to approach the demand dynamics in the structure and back-up for an appropriate bullish markup with continuations. In this case, now I discovered pivotal zones and structural developments that will be decisive in Bitcoins upcoming movements, therefore it is necessary to keep patient and await the proper validations before moving into the right directions and preparing for the right entry into the market with the proper line-up, therefore I detected all the significant levels, structural formations and upcoming movements we should consider with Bitcoin.

Structural Developments:
As when looking at my chart we can watch there decisive factors contributing to the current situation. On the broad scale, there is this massive descending-channel-formation marked with the boundaries in black in my chart, besides that there is the ascending-channel-formation marked in blue which was the origin of this heavy bullish volatility to the upside with Bitcoin also bouncing simultaneously within the lower boundary. Now as Bitcoin advanced from its established accumulation phase it moved directly into the main resistance-cluster marked in red in my chart which is a central intersection where several factors coming together such as the horizontal resistance and both upper channel resistances coming together and forming this resistance-cluster from where a pullback is highly likely. This pullback when established will be the contribution to wave C in the major wave-count marked in my chart.

Upcoming Determinations:
Taking all these factors into the consideration now out of the current perspective Bitcoin is likely to show up with the suggested pullback and when this happens there is firstly a high likelihood given that Bitcoin moves on to test the lower levels of support which are still solidly given in the structure. The first is the 35-EMA marked in light blue in my chart, this is an important EMA that also held bullishness to the upside before and it is possible that when Bitcoin approaches this EMA that there comes a bounce to the upside, otherwise when this not happens the next support will be the lower boundary from where a bounce has a very high possibility. Overall Bitcoin will have a high ability to stabilize in this whole structure as marked in my chart to build upon it and finally emerge with the final breakout that happens above the upper-boundary of the channels and which finally confirms with the breakout above the ascending-channel-formation as shown in my chart, this breakout has a 75% possibility to happen and should be expected.

In this manner, thank you for watching my analysis about BITCOIN and the established channel-structure with the upcoming determinations to consider, support the analysis with a like and follow or comment for more market insight!
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Information provided is only educational and should not be used to take action in the market.