Bitcoin, Bearish Pace Can Follow When This Formation Completes!

31 okt. 2020Hello Traders Investors And Community,

Welcome to this analysis where we are looking at Bitcoins 1-hour timeframe perspective, the recent events, the current formational structure, what we can expect the upcoming times and how to possibly handle the situation appropriately. Since Bitcoin struggling to move above the 13900 sustainably and it already showed one heavy bearish decline to the downside the important question is either bitcoin will set up to show more bearishness further or a direct reversal is somewhat possible, currently, the more likely scenario is a bearish follow-up which should not be underestimated in this case as the market often shows more declines after an initial impulse to the downside, therefore I detected all the important levels and outcomes we should consider in Bitcoins established structure.

When looking at my chart you can watch there Bitcoin now forming this preliminary important rising-triangle-formation marked in blue where it already built this coherent wave-count fully completing waves A-C and now forming the wave D which will run into the lower boundary that can be origin of the final wave E to the upside which will complete the whole rising-triangle-formation, this final wave E will run directly into the strong upper-resistance-cluster marked in my chart in red where several resistance-levels coming together consisting of the upper boundary resistance, the horizontal resistance lying there and the fact that the wave-count will end when reaching this level, all these factors playing into the bearish confirmation to the downside after touching this level.

With Bitcoin finally confirming below the lower boundary as it is marked in my chart it will complete the final bearish confirmational setup and will first point to the important support to behold as it is marked in my chart within the 13000-13020 level, this support will be extremely crucial to hold for Bitcoin and stabilize considering any bullish continuations when Bitcoin does not bounce properly in this level and does not manage to hold the support sustainably this will lead into a protracted continuation of the bearish pull-backs already established when Bitcoin moves below this level minimum targets of 12500 will be activated from where it needs to be elevated how Bitcoin proceeds from this standpoint further and if there can come a reversal or more heavy bearishness will lead into exaggerated declines, for now it is important how the ascending-triangle-formation confirms and with what pace it shows the ongoing developments.

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