Bitcoin, Confirmation As Expected, These Steps To Consider Now!

31 ส.ค. 2020

Hello Traders Investors And Community, welcome to this update-analysis where we are looking at bitcoin 1-hour timeframe perspective, the recent confirmational events, the current formational structure and the next steps we can expect in the structure. Since the last time bitcoin moved properly above the rising trendline and confirmed it as expected with a pull-back, this was a good place to open the trade as pointed out in my analysis. Now as these important steps and confirmations occurred there are some other meaningful levels and scenarios ahead we should consider now. What is important to note is that this bullishness established is firstly on the short-term as bitcoin has still significant resistance levels above in the structure we should not ignore the bearish pull-back scenario when these resistance levels happen to confirm and bearish pressure enters the surface again.

Looking at my chart you can watch there that bitcoin is just building up this ascending-channel-formation with the consolidation within it, such channels can break to the upside when the established trend gets strong enough and the proper volatility to confirm above, when this happens we can expect bitcoin to reach the minimum target already mentioned previously at 11850 and possibly above as it is marked in my chart, when bitcoin shows up with this it has strong resistance at the 12.000 USD level as it is marked in red in my chart, when bitcoin approaches this level it has high potential to form a pull-back when supply enters the surface in this level, therefore, it is also a possible short-zone, targets can be measured at the 50-EMA in red which is also matching with the lower boundary of the channel, these levels are preliminary to hold to consider a bullish continuation.

Overall and in the higher timeframes bitcoin is forming a bigger range here where it began with the sideways movements before, for the established bullishness to hold it is from high importance that bitcoin stays above the 100-EMA in blue and the 50-EMA in red, these levels serving as the reference support points here in the structure when bitcoin moves below them the possibility for bearish pressure to the downside increases when bitcoin stays above them and confirms the sustainably as support bitcoin can gain strength in the level to move above and continue higher. We will see how this will show up in the current range, nevertheless, the bearish scenario should not be taken by side as the resistance levels are just too strong to ignore and in a more middle-term-perspective bitcoin has still the potential to form a correction when not bigger pull-backs to the downside.

In this manner, thank you for watching, support for more market insight, all the best!
"Trading effectively is about assessing possibilities, not certainties."

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

31 ส.ค. 2020

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Initial Analysis: