Bitcoin, Expected Price-Recognition, Next Level Going To Proof!
Updated
Hello Traders Investors And Community, welcome to this update-analysis about bitcoin price-action and what we can expect further, currently the price bounced at the main lower range support exactly as predicted in my previous analysis, it shows one more time that technical analysis is a science that can work well when applied right. In the prior two analyses about bitcoins price-action in the locally 4-hour time-frame, I exactly forecasted the price-action we have seen now, as I mentioned we need to take out the resistance at 8800 before it is in the possible spectrum that we can go and test the falling red trend-line. Furthermore, there was the pull-back from the trend-line awaited which happened now, and as awaited we bounced from the lower range support now. If you did not see this analysis, I highly recommend that you watch them to have a full-depth-overview.
Forecast Break Of Resistance And Test Of Falling:
Pulling Back Awaited:
At the moment we are still trading below the important falling red trend-line which I already mentioned and is significant in the current structure. The price is building a small consolidation here between the falling red trend-line and the 50-EMA you can see in orange at my chart, this overall smaller consolidation can be mentioned as a triangle which will break to the up or downside, the overall fact that bitcoin is still in an up-trend here makes it clearer that the possibility is higher that we will break to the upside because we have good a good support-level at the 50-EMA and the lower range support you can see in my chart overall this has to be confirmed with a clear break of the falling red trend-line when this does happen we can await the price to test the higher resistance level at 9950 as you can see it in my chart.
When we look at the structure as it is we can examine that bitcoin is building a smaller consolidational range within the bigger consolidational range here. In fact, these ranges are known that they will either break to the up or downside, at the moment I see a higher possibility for a break to the upside because the price is sticking in the range here but it can also turn to the downside because the 10.000 USD is such a significantly important level for bitcoin that it is possible that we will see a third pull-back to the downside similarly as we saw it in the past months at the 10.000 USD, therefore, it is important that we hold the overall range here to form a possible break to the upside with targets ahead. Remember that this scenario has to be confirmed as always the possibility for the proper direction increases with the confirmation.
I know many people have a too high speculative approach in the markets and want to trade setups or predict the market of information which is basically not given at the proper moment, this is the biggest mistake a wise trader can do because it cant be the bottom line to trade what one thinks not what is confirmed based on the price action. Therefore we should always adapt to what the market gives us and the changing circumstances that mean to trade the highest possible scenarios and not trade a setup which will 100% fullfill for sure because that is factly impossible, all market situations are based on possibilities with higher or lower grade and we must increase to the higher grade to make the survival in markets possible in this case we need to adapt and be prepared for possible counter-scenarios and take appropriate action when they happen.
In this manner thanks for watching, support for more insights, and good rest of the weekend everybody!
The past, like the future, is indefinite and exists only as a spectrum of possibilities.
Information provided is for educational purposes only and should not be used to take action in the markets.
Forecast Break Of Resistance And Test Of Falling:
Pulling Back Awaited:
At the moment we are still trading below the important falling red trend-line which I already mentioned and is significant in the current structure. The price is building a small consolidation here between the falling red trend-line and the 50-EMA you can see in orange at my chart, this overall smaller consolidation can be mentioned as a triangle which will break to the up or downside, the overall fact that bitcoin is still in an up-trend here makes it clearer that the possibility is higher that we will break to the upside because we have good a good support-level at the 50-EMA and the lower range support you can see in my chart overall this has to be confirmed with a clear break of the falling red trend-line when this does happen we can await the price to test the higher resistance level at 9950 as you can see it in my chart.
When we look at the structure as it is we can examine that bitcoin is building a smaller consolidational range within the bigger consolidational range here. In fact, these ranges are known that they will either break to the up or downside, at the moment I see a higher possibility for a break to the upside because the price is sticking in the range here but it can also turn to the downside because the 10.000 USD is such a significantly important level for bitcoin that it is possible that we will see a third pull-back to the downside similarly as we saw it in the past months at the 10.000 USD, therefore, it is important that we hold the overall range here to form a possible break to the upside with targets ahead. Remember that this scenario has to be confirmed as always the possibility for the proper direction increases with the confirmation.
I know many people have a too high speculative approach in the markets and want to trade setups or predict the market of information which is basically not given at the proper moment, this is the biggest mistake a wise trader can do because it cant be the bottom line to trade what one thinks not what is confirmed based on the price action. Therefore we should always adapt to what the market gives us and the changing circumstances that mean to trade the highest possible scenarios and not trade a setup which will 100% fullfill for sure because that is factly impossible, all market situations are based on possibilities with higher or lower grade and we must increase to the higher grade to make the survival in markets possible in this case we need to adapt and be prepared for possible counter-scenarios and take appropriate action when they happen.
In this manner thanks for watching, support for more insights, and good rest of the weekend everybody!
The past, like the future, is indefinite and exists only as a spectrum of possibilities.
Information provided is for educational purposes only and should not be used to take action in the markets.
Note
ANALYSIS UPDATE: BITCOIN continued to bounce within the range and built a strong support base from where a bullish exaggeration and extension moved forward with the historical uptrend condition.
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