Bitcoin, Builds Key Cup-Handle-Formation, Important Steps Ahead!

16 nov. 2020Hello Traders Investors And Community,

Bitcoin is trading in a range where the possibility for fake breakouts is high and as already detected and mentioned in my previous analysis Bitcoin is also forming this huge ascending-wedge-formation which is normally a bearish formation indicating a reversal in the structure, now besides that Bitcoin is forming an other significant formation which is determining for the next outcome and this formation is also matching with the final wave E within the global ascending-channel-formation I discovered, therefore we are looking at the important levels in the structure and how likely scenarios can look like upcoming next times.

When looking at my chart you can watch there Bitcoin currently is in near of the upper strong resistance at 16500 marked in my chart in red, Bitcoin is likely to pullback anew when approaching this level as it is currently happening because there is still strong resistance lying which is likely to reverse the marginal bullish price-action, when this likely scenario shows up and Bitcoin pulls back the bearish pressure will continue till there is proper support found that can reverse the dynamic again, which will be in this case within the final-upthrust-origin-cluster marked in my chart with the blue cluster, in this level there are coming several supports together consisting of the 50 and 61.8% Fibonacci-level, the 100-EMA marked in blue and also the horizontal support lying there determining a highly possible bullish bounce when Bitcoin approaches this area, when this happens it can be the decisive and final validation to complete the whole cup-and-handle-formation as it is marked in my chart, when Bitcoin manages to bounce within the cluster as suggested, in this case it is very important that Bitcoin does not fall below the level again because this can possibly invalidate the whole formation.

The upcoming times will show how Bitcoin manages to bounce within the cluster and form the proper cup-handle-validation from there that will finally complete the whole formation, when this happens it is also matching with the final wave E Bitcoin is forming I detected already in previous analysis, this initial bullishness can reach the targets within the upper structure however there are still strong resistance layers lying also matching with the ascending-channel-formation, therefore, a bearish reversal should not be underestimated when Bitcoin approaches these levels, it will be an important development.

In this manner, thank you, everybody, for watching, have a good day as well as good trading, 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 market.