Bitcoin Is Testing Historical Level, Important Scenarios!

2020년 11월 10일

Hello Traders Investors And Community,

Bitcoin is trading in its massive ascending-channel-formation where it is moving within historical levels never seen since June 2019, in fact, Bitcoin has spent only a few days within the price-ranges it is currently trading in however there are still some important resistance layers lying where Bitcoin is firstly more likely to show up with bearish pullbacks than a direction move above them which needs to be considered for a complete bullish environment ahead, therefore I detected all the levels and outcomes we should consider in the current and upcoming price-action.

When looking at my chart you can watch Bitcoin approaching the upper-boundary of its massive ascending-channel-formation now marked in blue, Bitcoin not only ends with the wave-count within this level but also approaches the accelerated-supply-zone where supply is still available from past price-actions besides that Bitcoin has the Fibonacci-resistance lying there. Taking all these factors into consideration Bitcoin is likely to firstly forming a bearish pullback from here and visit lower levels before it is possible to gain strength again. On the lower timeframes, Bitcoin is forming a triangle formation which when confirmed will directly run into the Fibonacci-resistance and the upper-boundary which will be crucial, when Bitcoin pulls back and moves below the 14800 level again there is a high possibility given that the first initial short-target will be pointed where stabilization can be considered, when this does not happen and Bitcoin falls more from here it will continue till the extended-short-target that is the last reference-point highly important to hold because when Bitcoin moves below that level there will come a bearish continuation till the lower boundary.

For now, it is important to not over speculate the market and see the resistance above, this means to not keep the bearish perspective out of sight, Bitcoin has established some solid price-actions however the resistance still exists therefore we need to see how Bitcoin reacts into this resistance and forms the pullback from there to possibly consider a move above the resistance after that, especially when looking fundamentally on a corona increase this can speed up the bearish pace ahead of the next times, in this case, we should be prepared on possible trend changes.

In this manner, thank you, everybody, for watching, have a good day as well as good trading, all the best!
“Prospect is the ingredient of good fortune.”

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