Bitcoin, Move Above HS-Resistance Activated Next Developments!

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

Welcome to this update-analysis where we are looking at BITCOIN daily timeframe perspective and the head and shoulder developments going on there, as more likely expected Bitcoin recently managed to move above the crucial upper resistance necessary to take out for Bitcoin to confirm the head and shoulder formation in a bullish way, this was also the suggested scenario with greater likelihood on the weekly timeframe and the signs detected there, if you did not see this analysis already I highly recommend you to watch it to have a full-depth-overview. Now as bitcoin has taken out this major resistance there are some more alignments, levels, and outcomes we should consider in this whole structure here.

Confirmations And Structural Development:
As you can watch when looking at my chart bitcoin managed to take out this descending-trend-line marked in grey sustainably and now is trading above this trendline where it has touched it already several times. Besides, that bitcoin managed to close above the previously established resistance which was very important for bitcoin to show up bullish and confirm the massive head and shoulder formation in a bullish way, now as bitcoin moved above this resistance and is also currently testing it this resistance became coherently support now where bounces are likely to occur. What is also interesting to notice here and what added to the structure is that bitcoin moved above the 20-EMA marked in blue within my chart, as bitcoin did this in previous bull runs this is an important move which should not be kept by side here.

Upcoming Outcomes:
Now as bitcoin has shown up with all these important factors necessary to confirm the major head and shoulder formation in a bullish way we can expect it to move higher after it has tested the support which was previously resistance successfully. When this happens properly bitcoin will move higher and test firstly the upper resistance marked in grey in my chart before a pullback there can occur for bitcoin to gain more strength in the structure. Friends, it is always important that we wait for such confirmations and activations within the asset and price-action before taking any further considerations, it is always the best option compared to just rushing into trades which do not satisfy at the end of the day, this is why it is so important to look for such layers like in this case to consider the scenarios with the highest possibility and approach them accordingly.

In this manner, thank you for watching, good day my friends, and support for more market insight.
"Prospect is the ingredient of good fortune."

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

15 ต.ค. 2020

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Initial Analysis According The Subject:

15 ต.ค. 2020

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Formational Structure Analysis On The Weekly Perspective: