Here Is What To Expect From Bitcoin Since This Key Validation!

14 dec. 2020Hi my friends,

Welcome to this update-analysis about Bitcoin on the 6-hour timeframe perspective, we are looking at the recent events, the established structural formations, and what we can expect in the upcoming times. As suggested in the previous analysis there existed two possible scenarios for Bitcoin after it visited the major decision-zone and as now seen Bitcoin completed the first scenario S1 as it managed to bounce within the decision-zone and finally move above the descending-resistance-line with this decent move. If you did not see this analysis I highly recommend it to watch to have a full-depth-overview. Now as Bitcoin validated this scenario it moved on to test the resistance and this is actually crucial in this structure as there is still paramount resistance above, therefore I detected the important levels and likely outcomes we should consider with Bitcoin in its established structure and the upcoming movements.

As when looking at my chart we can watch there how Bitcoin now reached the S1-zone which was the final confirmation for this scenario marked in red. Now as there is still strong resistance lying established by the previous price-action we can expect a bearish pullback to the downside incoming within the near future, this pullback will move on till there is support found that can reverse the dynamic again and where Bitcoin has the abilities to stabilize again, this case can hold true within the back-up-cluster marked in my chart in blue where several supports coming together consisting of the 65-EMA in orange, the 85-EMA in green, the ascending-trend-line in blue and most importantly the two major Fibonacci-levels 50- and 61.8%, taking all these factors into consideration Bitcoin has some solid potentials to bounce within this cluster and move on to test higher levels ahead. Taking this into the schedule it is of inevitable importance that Bitcoin holds this cluster and do not fall below it because this will increase the bearish pressure to the downside again, therefore we need to keep patient and wait for the right confirmations here before overspeculating the market and rush into trades that do not satisfy.

In this manner, thank you for watching the analysis, have a great day and weekend, all the best!
"There are many roads to prosperity, but one must be taken."

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