Bitcoin, Develops Triangle, Bearish Breakout More Likely!

18 thg 3, 2021

Hello Traders Investors And Community,

Welcome to this analysis about Bitcoin, we are looking at the 4-hour timeframe perspective, the recent events, the established formational structure, and what to expect in the upcoming times. Lastly Bitcoin has shown up with strong bearish pullbacks in the structure since marking its top at the 61.300 USD level it pulled back bearishly, this initial pullback should not be underestimated in any case here and now it is so much more important to elevate on where these dynamics going, in this case, I detected the underlying formation and what is the preferred scenario we should consider here, therefore I detected all the important levels and likely destinies in the upcoming times.

Structural Developments:
As when looking at my chart now we can watch there how Bitcoin is now developing this main symmetrical-triangle formation, within this formation Bitcoin has the coherent wave-count and already completed the waves A to B fully in the structure with the wave B recently running into the upper-boundary which is still a strong resistance and therefore likely origin for the wave C which is also establishing now, this wave C will run into the lower-boundary anew and test it, Bitcoin will then continue with its wave-count till it is finished and the final decision of the crucial direction will be made, in this case now it is important to elevate which scenario is more likely which is the bearish one here.

Upcoming Determinations:
Taking all these factors into consideration Bitcoin is trading in a situation in which it will show up with the important confirmations after this whole wave-count has finished, therefore we should keep the focus on the more likely bearish scenario which has a possibility of 65% compared to the bullish one with a possibility of 35% the bearish is more likely nevertheless it is necessary to wait on the proper validations before finally going into the right direction as this is most often the case. When the more likely bearish scenario shows up with Bitcoin moving below the lower-boundary this will complete the whole formation bearishly and move into the lower zones from where the situation needs to be elevated anew.

Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and good trading, all the best!
"Trading effectively is about assessing possibilities, not certainties."

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