BITCOIN, Massive Broadening Wedge, Targets Active + ETF Volume.
Updated
Hello There!
Welcome to my new analysis of BITCOIN in the daily timeframe perspective. The current bull run is still holding on and BITCOIN does not back off and is printing one hew high after the other. This uptrend is backed by real events that support the bullish case such as the Bitcoin ETFs release which is the preliminary fundament of new and fresh volume moving into the whole cryptocurrency market.
When considering the developing dynamics in my technical chart perspective now it has to be pointed out that BITCOIN since it bounced several times within the 50-EMA established the ability to form this gigantic broadening wedge formation. Recently BITCOIN formed the crucial breakout above the upper boundary of the formation above which it is now developing a main bullish triangle continuation formation.
There is also a major wave count ongoing which is supporting the broadening wedge development as the major waves A and B already formed the fundament of the broadening wedge BITCOIN is now continuing to form the wave C simultaneously with the bullish expansion wave. What is also an important factor that is stabilizing the bullish trend here is the horizontal support marked in orange.
Taking all these factors into consideration the most meaningful insight here is that BITCOIN now activated the main target zones with the initial target zone to be reached once the bullish continuation triangle has completed with the continued extensive bullish breakouts. Once the initial target zone has been reached and the bullish BTC ETF volume is holding on together with bullish technicals the final target zone will be reached.
Thank you everybody for watching my idea about BITCOIN! Support is greatly appreciated.
VP
Welcome to my new analysis of BITCOIN in the daily timeframe perspective. The current bull run is still holding on and BITCOIN does not back off and is printing one hew high after the other. This uptrend is backed by real events that support the bullish case such as the Bitcoin ETFs release which is the preliminary fundament of new and fresh volume moving into the whole cryptocurrency market.
When considering the developing dynamics in my technical chart perspective now it has to be pointed out that BITCOIN since it bounced several times within the 50-EMA established the ability to form this gigantic broadening wedge formation. Recently BITCOIN formed the crucial breakout above the upper boundary of the formation above which it is now developing a main bullish triangle continuation formation.
There is also a major wave count ongoing which is supporting the broadening wedge development as the major waves A and B already formed the fundament of the broadening wedge BITCOIN is now continuing to form the wave C simultaneously with the bullish expansion wave. What is also an important factor that is stabilizing the bullish trend here is the horizontal support marked in orange.
Taking all these factors into consideration the most meaningful insight here is that BITCOIN now activated the main target zones with the initial target zone to be reached once the bullish continuation triangle has completed with the continued extensive bullish breakouts. Once the initial target zone has been reached and the bullish BTC ETF volume is holding on together with bullish technicals the final target zone will be reached.
Thank you everybody for watching my idea about BITCOIN! Support is greatly appreciated.
VP
Note
ANALYSIS UPDATE: BITCOIN greatly bounced above the upper boundary of the bullish triangle and is now marking the point for bullish acceleration towards the target zones.Note
ANALYSIS UPDATE: Simultaneously with the triangle breakout the bullish BTC ETF volume increased as well marking the ground for further continuations to follow through.Note
ANALYSIS UPDATE: BITCOIN already activated the initial bullish target zone and is on the way to reaching it sooner than later, especially backed by the bullish ETFs volume.Note
ANALYSIS UPDATE: Since bouncing BITCOIN could already reach the initial target zone and aimed higher with substantial bullish volumes. The final target zone is likely to be reached especially with the established bullish sentiments.
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