Bitcoin, Main Channel-Formation, Upcoming Considerations!

8 mars 2021Hello Traders Investors And Community,

Welcome to this analysis about Bitcoin on the 4-hour timeframe perspective. Since Bitcoin has shown up with the heavy declines last month it somewhat managed to marginally recover however it is important to note that Bitcoin not yet fully validated a complete bullish reversal with continuation-possibilities ahead, it is always highly necessary to wait on the proper confirmations before finally deciding into one direction, for now, there are still other important price-actions to fully exclude the bearish scenarios, therefore I detected all the important levels and likely destinies we should consider with Bitcoins established structure and the upcoming movements ahead next times.

Structural Developments:
As when looking at my chart now we can watch there Bitcoin established this major descending-channel-formation marked with the black boundaries, within this channel Bitcoin has the coherent wave-count in which Bitcoin already completed the waves A and B and with the ending of wave B moved directly into this still remaining main resistance-zone marked in red in my chart, Bitcoins pulled back several times within this zone, therefore, it is more likely that Bitcoin does so again when it does not manages to sustainably close above this main-resistance which is inevitable indicating a full reversal, therefore this main-resistance and the resistance-cluster is likely to be the origin of the wave C to the downside.

Upcoming Determinations:
Taking all these factors into consideration Bitcoin has a greater possibility to increase bearish pullbacks the next times and develop the remaining wave C in the structure further that will move into the lower levels of support marked in my chart with the blue main-support-zone. When Bitcoin manages to bounce within the lower-supports and this bounce is strong enough it can finally lead to a channel-breakout as it is marked in my chart however after that it is of high necessity that Bitcoin finally marks above the main-resistance and closes there within the bullish-continuation-zone marked in green because before that does not happen the possibilities for further pullbacks are still given, it will be an interesting journey ahead.

Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and good trading, all the best!
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Information provided is only educational and should not be used to take action in the market.