Welcome to this analysis where we are looking at bitcoin 12-hour timeframe perspective, the recent events, the current formational structure and how possible outcomes can look like the next times. Bitcoin somewhat managed to hold the important support mark since its bearish breakdowns heavily moving to the downside and now slowly building upon this, what we need to note is as already mentioned that bitcoin till now did not develop any strong bullish action and the trend is still weak, this is more indicating for another leg to the downside to show up with.
Looking at my chart you can watch bitcoin moving above this blue bullish-reference-trendline which is a meaningful trendline in the structure as it is holding the meager established bullishness to the upside, first of all it is to note that when bitcoin breaks below this trendline it will be the cause of lower levels minimum to the previous support to be visited. At the moment bitcoin has some room to advance higher as it has not that much resistance in the structure however this will change when bitcoin approaches the strong layers of resistance which it has marked in red in my chart and also with the big visible range resistances, when this level approaches it will be a huge test for bitcoin and as for now there are two possible outcomes following up on this test, the first one is that bitcoin manages to gain strength in the level to move higher, the second one more likely one is when bitcoin confirms the level as resistance to move below the uptrend line and continue bearish till there is a possible stabilization found. For now the bearish scenario is much more likely as the bearish layers are just to strong and when the trend stays that weak the bearish case can be taken into consideration.
Bitcoin is in a situation where it has some room to move higher nevertheless approaching heavy resistance levels that are crucial for the next price-action, bitcoin has to show how it will react in this level, for now, it is significant that we do not over speculate the current marginal rally as there did not showed any substantial reversal signs providing bitcoin with new highs to come. At the moment we need to stay patient and looking at what bitcoin is further developing in its destinies suggested.
In this manner, thank you for watching, support for more market insight, good day to you, and all the best!
Information provided is only educational and should not be used to take action in the markets.
personally waiting it to break 11090 with good bullish volume, i been waiting for 3 weeks with last bullish profit, market seems highly volatile.
VincePrince
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@faisal90alrajhi, Interesting comment, waiting to break 11090 for what purpose? Volatility needs increase again, you are welcome.
f-73
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@VincePrince, well i think volatility is going to increase alot within next few weeks.
I think BTC dominance is going to bounce hard:
VincePrince
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@ft-73,Thanks for sharing
VincePrince
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@ft-73, This looks logically
KYLEKILLJOY
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I dont think the A scenario is more likely for these reasons; found support on 21 weekly moving average. (every time in past bull markets this is very strong support) the fear and greed index was at fear a few days ago indicating buy. also the daily rsi / stoch rsi / and mfi are all oversold. In my opinion we should be rallying to 14-16. we are in a bull market now. these dips can get bought up fast. look at 2017 haha good luck mate ! nice analysis.
ps also look at the ADX and DI indicator. about to have a cross to the bullish side with the trend momentum indicator showing strength.