BITCOIN, Ability To RETEST Main RESISTANCE, When THIS Happens!

19 ธ.ค. 2021

Hello,

Welcome to this analysis about Bitcoin and the 4-hour timeframe perspectives. In recent times a lot of events happening in the cryptocurrency field and in this case we have to notice that not all of them are positive, the regulatory pressures on Bitcoin and Cryptocurrencies are increasing with officials declaring Bitcoin or also stablecoins as a threat to financial stability where no real evidence is given that this is a realistic approach. On the other side technological developments in the cryptocurrency, field are moving forward this is not only shown by the ability of the whole Cryptocurrency-Market-Cap to hold above the 2 trillion US-dollar mark but also due to the fact that more bigger companies are looking for cryptocurrency adoption is certain ways. Fundamentally there is spreading increased inflation going on and a destabilizing of the Fiat-Money-System which is a more bullish indication for Bitcoin and Cryptocurrency on the long-term, in this case we also need to consider the technicals, therefore I detected the important levels and determinations to watch out in the current establishments.

When looking at my chart now we can watch there the main determinations going on with Bitcoin in an interesting constellation, Bitcoin has now started to form this main descending-triangle-formation in the structure with a coherent wave-count within the formation and the waves A to E almost already completed which means the full wave-count has finalized and technically the formation is ready to fully complete which will happen when Bitcoin bounces above the upper-boundary of the formation as it is marked in my chart, such a breakout will finally complete the whole pattern and will mark the setup for further continuations to the upside. Once Bitcoin then also managed to breakout above the descending-resistance-line the full origin is given for further continuations in which Bitcoin will approach the upper remaining main resistance-zone marked in red in my chart, nevertheless, it is important to do not underestimate this because there is a high likelihood given that Bitcoin will pullback after reaching out this zone, once this happened it has to be shown which formation develops further. Currently, we should await the final completion of the descending-triangle, bounce of the main support and above the boundary before moving to further conclusions, it will be an important development.

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