Bitcoin Currently Approaching More Than One Resistance-Factor!

Hello, Traders Investors And Community and welcome to this update-analysis about bitcoins current price-action, where we are going and which difficulties we are facing on the way, hoepfully everybody of you is doing well in todays market. We saw bitcoin the last days confirming several levels bullish on the short-term-perspective and advancing higher but there still remain several resistance-zones above the price-action which need to be taken out on the middle-to-long-term-perspective for bitcoin to advance further as we are remaining in an overall weak bullish up-trend there are several signs which indicating a reversal when bitcoin does not manages to confirm the further bullishness and stronger continuation.

What is exciting right now is that bitcoin is showing highly bullish signs on the short-term while still remaining at resistance and in an weak up-trend. As you can see in my chart and as I already mentioned bitcoin is currently approaching the falling red local trend-line you can see which is touched by bitcoin at the moment and can be broken which would be a good sign otherwise bitcoin can still confirm it as resistance and fall back but right now I see a high probability that we take out the falling red resistance-line. What is also important and playing into this scenario is the fact that bitcoin managed to get over the 650-EMA which confirmed before as resistance.

Now as we can see there is still much resistance remaining above the price-action, once it is the 38.2 % Fibonacci-resistance at 7980 and 200-EMA which together forming an overall bearish resistance confluence-zone which you can see marked in my chart with the orange-box. This zone currently serves as the high-respected resistance-area and we will highly likely confirm it as those, when this does not happen bitcoin will have a hard time to come above the resistance. On the other side, what is also playing a good fact into the bullish scenario is that the MACD still remains bullish as you can see it confirmed two times, one at the bottom and the next actual trend-confirmation the second time where the faster moving line remained above the slover.

Think of the momentum and the volatility in the confluence-zone as confirmation for actual bullishness or bearishness, the faster we are taking out the resistance the more bullish bitcoin will remain and on the other side the slower we approach above the resistance or fall back below the more bearish bitcoin is actually. This is an important factor at the moment and it will determine bitcoins further outcome that we can know how bitcoin is remaining in its overall trend-structure. When we confirm above the resistance that will be a good bullish sign for bitcoin and I see a continuation incoming potentially to the 9350 resistance when the remaining probabitlity of this scenario confirmed properly.

The current situation is a situation for bitcoin where it has to decide if it can proof its underlying bullishness for further continuation or confirm the resistance-levels and fall back to its bearishness seen before. It will be exciting to see how bitcoin approaches in the current bearish confluence-zone and therefore determining the next outcome. Friends this should always be the approach of wise traders to wait for confirmation and then trade it properly otherwise stay out of the market and watch for possible setups to trade, we cant trade what we think we have to remain calm with a reasoning head and trade what we see to have the best possible outcomes at the end of the day.

Thanks for watching the analysis, feel free to support my friends, have a good rest of the weekend.
"Science is organized knowledge. Wisdom is organized life."
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Information provided is only educational and should not be used to take action in the markets.