Bitcoin, Finally Approves Bullish Breakout Above Boundary!

10 ต.ค. 2020Hello Traders Investors And Community,

it is always good when TA is going well and so much better when a trade is also entered before huge volatile moves occur, in contrary to what academics are stating so often these times that technical analysis is not a science and it is just a random-walk-theory there is much evidence that is functioning well when it is applied right which is, of course, an important factor in this case, therefore technical analysis has definitely scientific aspects which can prove really profitable at the end of the day. Within bitcoin it was a good way to enter at without stress around the 10500 levels as the wave C in the triangle-wave-count has emerged, this gave a really strong setup with good realized potential as the volatile price-moves pushed to the upside after some little consolidation and the D and E establishment.

Structure:
Now as bitcoin managed to form these strong moves above the upper boundary of its massive descending-channel-formation bitcoin is now testing the previously established local-resistance-line which is also the neckline of the confirmed head and shoulder formation. As bitcoin has still strong resistance layers here a pullback the next times to show up is a likely scenario, however, this pullback will move into the solid support levels lying there, which is firstly the 100-EMA marked in grey in my chart and also the upper boundary of the channel, besides that bitcoin has also Fibonaccis there. These levels can form a good support-cluster as it is marked in my chart in blue where bitcoin can bounce and move on to test the higher levels again.

Outlook:
When bitcoin moves as expected and the blue support is confirmed bitcoin can show a decent bounce and confirm this V-shape formation in the structure which can point to the higher levels. When bitcoin manages to move above the local-resistance-line sustainably this will activate the testing of the next higher resistance which is in this measurement the global-resistance-line, by the way, this is also matching with the head and shoulder I detected here. So as traders it is the best to wait now when there is not already a trade entered, it is always the best to wait on the proper setups to show up when there is not already a trade entered before otherwise it is not the best option to just rush into trades which aren't satisfying at the end as the prices already moved strongly in the direction it is better to look for new opportunities upcoming.

In this manner, thank you for watching, good day my friends, and support for more market insight.
"Good luck is when opportunity meets preparation."

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

10 ต.ค. 2020

ความคิดเห็น

Initial Analysis, Managed to Show Up with the First Terms:

10 ต.ค. 2020

ความคิดเห็น

Validated Triangle on the 4-Hour Timeframe Perspective: