Bitcoin Established Bullishness But Its Running Into Risistance!

1 sep. 2020Hello Traders Investors And Communities, welcome to this analysis where we are looking at the bitcoin 4-hour timeframe perspective, the upcoming events and what is important to note in this structure to be prepared properly. As many people becoming completely bullish again we should see that bitcoin established the bullishness currently on the short-term and 4-hour timeframe perspective, however, there are still important resistance levels in the structure and the scenario for a bigger pull-back should not be kept by side as the correction did not concretely finish yet. When comparing bitcoin to other currencies like for example etherum it is a fact that it is still in a more corrective sideways mode which needs to show up with the proper outcomes firstly before concretely deciding which direction can be measured, if bitcoin breaks bearish to the downside this does not necessarily mean bitcoin is completely bearish.

When elevating my chart picture you can watch there that bitcoin made this volatile move above the further established resistance and also provided this bullish engulfing candle confirming the 60-EMA in orange and the 100-EMA in black as support, this is a good sign that bitcoin can continued further and reach the next levels in the structure, nevertheless, there are still strong resistance levels above which we have firstly at the Fibonacci-resistance at around the 12150 level, when bitcoin approaches this level a pull-back will be highly likely which will move bitcoin to the rising blue trendline as it is marked in my chart. When this likely pull-back established it is important if bitcoin holds this trendline with support to set up and move higher or if it breaks below it which will cause further bearish pressure to the downside and protracted bearishness.

The next time's bitcoin has to show if the rising blue trendline can behold sustainably or not, when this happens to be the case bitcoin can move some higher in the range, this will be crucial as bitcoin coming then into the previous established fake breakout terrain where not only resistance is lying but where also the possibility for a fake breakout and the following pull-back increases highly. Currently, we should not keep the bearish scenario fully out of sight as bitcoin is moving with less momentum and volatility like for example other cryptocurrencies this is not necessarily indicating a bullish continuation and can happen to end up in a reversal showing increased downside pressure. Technically increased bearishness will show up when bitcoin moves below the 100-EMA with a strong move, targets will be then the second blue trendline and the 200-EMA as a minimum.

In this manner, thank you for watching, support for more market insight, all the best!
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Information provided is only educational and should not be used to take action in the markets.

2 sep. 2020

Kommentera

Bitcoin bounced downside at the first resistance-cluster, now it is important if the support can hold sustainable or more downside will follow.