Bitcoin, H-S-Formation Indicating Tests Of Resistance Upcoming!

2 feb 2021

Hello Traders Investors And Community,

Welcome to this analysis about Bitcoin, we are looking at the 2-hour timeframe perspective, the recent events, the established formational structure, and what we can expect in the upcoming times. Bitcoin since pulling back heavily from the 37500 USD zone moved into the remaining supports and tested them where it now managed to somewhat hold above these levels and also above important EMAs, in this case, I discovered a decisive and fundamental underlying formation that can indicate some bullish alignments and testing of upper resistances in the schedule, therefore I detected all the important levels and likely outcomes we should consider with Bitcoins established structure and the upcoming movements ahead.

Structural Developments:
As when looking at my chart we can watch there how Bitcoin is now about to form this major inverse head-and-shoulder-formation marked in my chart with the blue neckline. The left shoulder and the head of the formation already fully completed and now Bitcoin is about to form the right shoulder within the schedule that also does not have many conditions remaining to fully complete, therefore it is important that Bitcoin holds sustainably above this second ascending-trend-line marked in grey and confirms it as support to bounce of this trendline and finally manage to move above the neckline as it is marked in my chart, such price-action will finally complete the head-and-shoulder-formation in the upcoming times.

Upcoming Determinations:
Taking all these factors into consideration Bitcoin has established a strong formation that can indicate some bullish pace when it finally completes, when Bitcoin completes this inverse head-and-shoulder-formation as suggested this will activate the upside targets marked in my chart in red at the 37110 levels where also additionally resistance is lying likely to show up with a pullback when Bitcoin moves into this level which should also be expected as it is not normally the case that an asset just rightly moves above such important resistance. For now, it will be important to elevate how Bitcoin moves on to finalize the head-and-shoulder-formation, when this happens the upcoming determinations and target projection will be given.

In this manner, my friends, thank you for watching the analysis, have a good day and good trading, its a great contentment for everybody 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.