How BTC Will Be Able To Approaching The Main 67K ATH-Resistance!

4 ก.ย. 2021

Hello,

Welcome to this analysis about Bitcoin and its weekly timeframe perspective. In the previous analysis, I mentioned already that Bitcoin since developing the candlestick-formation three white soldiers and the breakout above the 20-MA in blue which it did not do since the corona-breakdowns-recovery has confirmed a bullish edge that can form further bull-market-conditions in the upcoming times. Now considering this it is not seldom seen that after such a major breakout a pullback to breakout origin firstly happens before a stabilization in the level can emerge and the asset will have the ability to push to new highs ahead. As already said in previous analysis the pullback for Bitcoin is likely to emerge within the upcoming times because of several factors, mainly it is because Bitcoin approaches the crucial resistance and also has several bearish divergences, in this case now I discovered further factors that will be pivotal in the upcoming times.

When looking at my chart we can watch there how Bitcoin since forming the breakout above the 20-MA moved on to test this upper-boundary of the internal ascending-channel-formation that is marked in orange in my chart, this boundary is resistance and besides that Bitcoin has also horizontal resistance in this level, now together with the local factors I suggested already in previous analysis the pullback is likely to happen, after that, it will be a decisive development on how Bitcoin approaches this confirmation-bounce-cluster marked in blue in my chart because this is a level which needs to behold also matching with the lower boundary of the ascending-channel and the 20-MA, when Bitcoin manages to bounce substantially in these regions it will be the origin of the wave C to the upside within the wave-count with Bitcoin having the abilities to approach the main upper-resistance-level at 61700 which will be a fundamental step into the bullish direction.

In this manner, thank you for watching the analysis, it will be great when you support it with a like, follow and comment for more upcoming market analysis, all the best!

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