Bitcoin Awaits Major Channel-Breakout, Upcoming Objections!

7 ene 2021

Hi my friends,

Welcome to this analysis about Bitcoin, we are looking at the 4-hour timeframe perspective, the recent events, the established formational structure, what we can expect the upcoming times and how to possibly handle the situation in an appropriate manner. Bitcoin the last times made the fundamental moves above 35.000 USD and already forming an initial breakout out of its established range with a bullish edge, now besides that Bitcoin as I discovered Bitcoin is trading in several formations that will determine the further outcomes and lie ground for the next directional movements, therefore I detected all the important levels and likely outcomes we should consider here.

Structural Developments:
As when looking at my chart we can watch there how Bitcoin has developed this massive ascending-channel-formation marked in my chart in blue, furthermore Bitcoin has developed this strongly volatile ABC-wave-count to the upside marked in red in my chart. The last time's Bitcoin moved on to test the upper boundary of the ascending-channel-formation and also is forming this coherent triangular-cluster-formation marked in orange in my chart, actually, this formation will give the edge for Bitcoin next perspectives and objections ahead when Bitcoin manages to form a strong and decisive breakout above the two upper boundaries determined by the ascending-channel and the triangle.

Upcoming Perspectives:
Taking all these factors into consideration Bitcoin will increase the speed of its bullishness when forming the breakout above the boundaries and also activate upside targets in this case determined by the percentage objection of the triangular-cluster-formation to the breakout-zone into the upside, these targets lying around the 43.200 USD level and when Bitcoin reached these zones an initial pullback can be expected and it has to be elevated how Bitcoin reacts there and if there comes an immediate continuation or firstly visiting of lower levels, for now, it will be worthwhile how Bitcoin moves on to establish this major breakout, it will be an interesting development ahead.

In this manner, thank you for watching the analysis, have a good start into the New Year 2021, many thanks for all people supporting, 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 markets.