Bitcoin, Major Decision Incoming, These Scenarios To Consider!

30 nov 2020Hi my friends,

Welcome to this fundamentally important analysis about Bitcoin on the 4-hour timeframe perspective, last times were highly volatile for Bitcoin, and this volatility keeps going on, we saw Bitcoin dumping all the way to the downside and now already forming these up moves, therefore it is a meaningful question if Bitcoin manages to fully recover or shows up with bearish price-action again as it is moving into the strong resistance anew which was already the origin of high bearish pressure to the downside, therefore I detected all the important levels and likely scenario we should consider with Bitcoins current situation and the upcoming destinies.

As when looking at my chart you can watch there the major formation Bitcoin is currently forming here and actually, this is an important formation which will decide the continuations either to the up or downside when the price-action shows up and confirms one of these two possible scenarios. At the moment Bitcoin is approaching the strong resistance where it already formed the first top, this is why we can expect supply to enter here again and form a second pullback as it is marked in my chart, this pullback will move into the dynamic-decision-zone-cluster marked in my chart in blue from where Bitcoin will do the further conclusions and this cluster will be actually the crucial factor in the whole environment, from there we need to elevate two possible scenarios, the first is when Bitcoin manages to bounce within the cluster and moves forward to finally establish a breakout above the upper-resistance which will complete the formation as a triangle, the second one is when Bitcoins bearishness is that strong and it moves below the cluster and below the trendline which will confirm the formation as a double top and activate lower levels in the structure and strong protracted downside price-action ahead.

For now, it is of high importance to keep patient and wait on the proper confirmations to show up in the structure before moving in the right direction, when these confirmations show up this will give the informational input needed to elevate new assessments, we should not keep by side here that Bitcoin is near its all-time-high and already showed these volatile movements where it now needs to show the further conclusions, therefore we should be prepared on the confirmations and after that take the appropriate action, everything else is too speculative and already seen too often these days, as sophisticated traders we need to elevate the market when the validations completed, it will be a paramount journey ahead.

In this manner, thank you for watching the analysis, have a good day and also 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 markets.