BITCOIN, About To Complete Decisive Ascending-Wedge Bearishly!

26 thg 8, 2021

Hello,

Welcome to this analysis about Bitcoin, we are looking at the 4-hour timeframe perspectives. Bitcoins initial local trend to the upside in the recent times begins to slow down with decreasing momentum in the structure especially as Bitcoin also tested the main resistance levels in the structure these pullbacks should not be kept by side. Now as I discovered here Bitcoin is forming a decisive formation on the 4-hour timeframe perspective, this is a ascending-wedge-formation marked in my chart with the black boundaries, within this formation Bitcoin has the coherent wave-count reaching from A to E that is almost already completed and as Bitcoin moved into the heavy 50.000 USD resistance which is a psychological resistance and also besides that horizontal resistance I already mentioned before a main pullback established from this zone with Bitcoin moving on to test a third time the 100-EMA marked in my chart in blue, this EMA is a important reference-element holding the whole bullishness to the upside and when it is broken a bearish continuation gets an increased likelihood, this goes simultaneous with the ascending-wedge-formation completion which will happen when Bitcoin breaks out below the lower boundary as seen in my chart, such a price-action will activate the continuations to the downside and the initial target at 42400 marked in my chart in blue will be pointed, when this zone does not hold the next substantial support is at the 39000 level, these two levels are highly necessary to maintain properly and Bitcoin needs to bounce within there to back-up and stabilize with a appropriate bullishness, for now Bitcoin needs to show how it continues, in any case the bearish perspective should not be kept by side here.

In this manner, thank you for watching my analysis about BITCOIN and the major ascending-wedge-formation with its upcoming determinations, support the analysis with a like and follow or comment for more market insight!
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Information provided is only educational and should not be used to take action in the market.