BITCOIN, Diamond-Bottom-Formation Detected, DECISIVE DESTINIES!

9 jul 2021Hello,

Welcome to this analysis about Bitcoin, we are looking at the 12-hour timeframe perspectives. Bitcoin is still in a phase in which it is measuring out the trend and what is important to note here is that after such a low volatile phase comes a phase with increased higher volatility especially when the technical factors point to such development's increased likelihood. In my recent analysis about Bitcoin I now detected a major formation that can approve as the sufficient bottom-formation that Bitcoin has the ability to form and after that show up with the further determinations, in this case, I discovered the important levels and likely destinies that need to be considered in this constellation.

Mainly it has to be noted that Bitcoin is still in an accumulation phase where smart money operators and market makers pushing the prices to appropriate levels to accumulate into the market to trap inexperienced traders. Besides these given conditions what the market often does in such a situation is forming a bottoming-formation that marks the bottom with the confirmation of it when finalizing the formation. In this case, there are certain individual possibilities for the bottom-formations such as the double-bottom or the Wyckoff Accumulation to play out in the market, these possibility percentages are important to consider, here are the main possibilities for the diamond-bottom-formation:

1. A Diamond-Bottom-Formation breaks out to the upside with a possibility of 82%
2. The Price-Projection of a Diamond-Bottom-Formation to the upside will be reached with a possibility of 79%
3. The price-action makes a pullback to the previous resistance after the breakout which is then support in about 50% of the formation completions.

Structural Developments Of Bitcoins Diamond-Bottom-Formation:
As when looking at my chart now we can watch there how Bitcoin already completed the first half of the formation with this broadening-wedge in the structure and the waves A to E broadening in the wedge to form both the top and bottom of the formation. Now Bitcoin is about to form the second half of the formation with this symmetrical-triangle and the first wave A already emerged. Furthermore, Bitcoin sets up to follow up with wave B that is also consisting of a local ABC-wave-count. It is likely that wave B will move on within the next times and travel to around the 38730 levels marked in orange from where the rest of the wave-count in the second half can continue to finalize this whole constellation above the 35-EMA.

Upcoming Perspectives With The Completion Of Bitcoins Diamond-Bottom-Formation:
Taking all these factors into the consideration now the decisive developments will come after Bitcoin completed the wave-count in the second half of the formation also. This will happen with the final decisive breakout above the upper-boundary of the right part of the formation, after this happened the price-projection from the highest to the lowest point can be measured at the breakout-point to the upside, the minimum projection is determined from the right corner of the formation to the upside as it is seen in my chart. For now it will be important to elevate on how Bitcoin continues with the wave-count in the second part and after that finally completes the formation, when it happens the next conclusions can be made.

In this manner, thank you for watching my analysis about BITCOIN and the paramount Diamond-Bottom-Formation forming, have a good day and weekend, will be great when you support it with a like and follow or comment, great contentment for everybody supporting, all the best!
"The past, like the future, is indefinite and exists only as a spectrum of possibilities."

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