BTC, Key Descending-Channel-Breakout, Further Alignments!

4 ส.ค. 2021

Hello,

Welcome to this update-analysis about BITCOIN, in this analysis, I am going to look at the 2-hour timeframe perspectives and especially I am going to exemplify what changed since the former origin-analysis, what are the main determination-factors, the structural formations, and what we can expect now in the upcoming times. Since the origin-analysis Bitcoin has shown up with important confirmations in the structure validating the elements and expectations of the origin-analysis. If you did not see this analysis already I highly recommend it to watch to have a full-depth-overview. As Bitcoin is in an important and decisive structure now I am looking at the main meaningful zones and incoming determinations we should consider.

Strucural Developments:
As when looking at my chart we can watch there how Bitcoin managed to form the breakout above the upper-boundary of this significant descending-channel-formation that I have highlighted in orange in my chart and made the lines thicker, Bitcoin increased with volatility and volume once it made the breakout above the boundary which is a good sign of bullishness and in fact this move contributed to the Sign-Of-Strength in the Wyckoff Accumulation Dynamic. What is also pivotal to note here is that Bitcoin managed to since a long time close above the 100-EMA, this is a great development because the last time Bitcoin made this bounce above the 100-EMA it was origin of greatly protracted bullishness as it is also seen marked in my chart.

Contributed Factors:
With these breakout-elements Bitcoin has contributed to a solid base on which it can build up in the next times to come. Besides the breakout determinations, Bitcoin also completed the wave-count within the channel reaching from A to C. Now as these establishments have occurred in the structure it will be important on how Bitcoin develops further here, as Bitcoin closed above the 100-EMA and slightly pulled back below it is likely that this pullback firstly moves on before Bitcoin finally sets up to another bounce above the 100-EMA, such a bounce and final close above the 100-EMA will be the source for further continuations to the upside and Bitcoin will move on to test the main remaining resistance which will be crucial for the overall further developments.

Upcoming Determinations:
When Bitcoin after testing the remaining resistance once pulls back firstly and manages to stabilize further in the structure to finally set up and breakout above the upper remaining resistance this will be the important confirmation for Bitcoin to finally determine further bullishness to the upside, it will be an important development ahead. In the last weeks, we have seen Bitcoin moving into a protracted accumulation phase till the new and fresh upside volatility has now settled, in such phases, it is best to either trade in a scalping manner the ups and downs in the accumulation or keeps patient till the right opportunities with increased volatility coming which have now a increased higher possibility.

In this manner, thank you for watching my update-analysis about BITCOIN and the important confirmations that have settled with the incoming determinations pivotal for BITCOINs development, great when you support it with a like and follow or comment for more market insight!

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