Bitcoin, Test Of The Descending-Channel Upper-Boundary Incoming!

23 jun 2021

Hello Traders Investors And Community,

Welcome to this analysis about Bitcoin, we are looking at the 4-hour timeframe perspectives. Bitcoin for a longer time now remains in this lower range which I mentioned already before can be a potential preliminary bottom in the structure from where Bitcoin has the ability to build up. As I discovered now Bitcoin has completed some interesting price-actions form where it has the ability to show up with further volatility in the structure firstly testing remaining resistances and important levels of the formation.

Structural Developments:
As when looking at my chart we can watch there how Bitcoin has developed this main descending-channel-formation in its structure with the boundaries marked in black. Within this formation, Bitcoin has the coherent wave-count from A to E almost already completed within the schedule and now bounced initially in the lower boundary firstly moving on to test the 35-EMA in the structure marked in green. What Bitcoin has done here mainly, is showing up with an initial base from where it can move on to test the upper remaining zones especially as Bitcoin has developed this swift price-action after moving below the 29750 levels this converted into a reliable bear-trap which can be the source of great ongoing volatilities ahead of next times.

Upcoming Determinations:
Taking all these factors into the consideration, what will be likely here in the upcoming times is Bitcoin developing the upthrust price-action as expected and moving on to test this main distribution-zone marked in my chart in blue. Actually, this will be crucial as the dynamics after this will be decisive with Bitcoin either pulling back or moving through this level immediate, what is more, possible in this case then is that Bitcoin firstly pulls back in the structure testing lower levels in the channel before stabilizing and backing up to continue with the previously developed dynamics. For now, it will be important to elevate how strong Bitcoin approaches these zones and how it develops after this, it will be an interesting journey ahead.

In this manner, thank you everybody for watching, support the idea with a like and follow or comment, have a good day, and all the best!
"Good luck is when opportunity meets preparation."

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