Price Reached Equalization, Determining Next Outcome!
Updated
Hello, Traders Investors And Community, welcome to this update-analysis about the current bitcoin price-action on the locally time-frame, as I already pointed out in past analysis the bitcoin price has the chance to move higher in its weak up-trend but there are some conditions it has to prove successful before deciding to climb some higher when you did not see these mentionings already I recommend that you go to my account and check these out. Now we are looking at the 4-hour-timeframe and there are some important signs which playing in the way bitcoin will decide to go in the next days. Currently, we are trading in a downtrend-channel which can easily continue to the downside so let's have a look at the situation!
As you can see in my chart bitcoin currently reached an equalization-range which means that the price is in consolidation on the local structure, which is confirming this is the downtrend-channel and the sideways-movement we have seen the last days. As you can see in my chart I marked the point of control of the current range with the grey trend-lines and the black text, this is the point on which we have the highest volume that means that point can work as a support or resistance, currently we have it as support but that can change! When we confirm under the point of control bearish as you can see it in my chart bitcoin will have an easy way to fall more to lower levels, the next respectable support in this scenario will be the range between 6000 and 6100 as you can see it in my chart. However this, for now, is not the most likely scenario I am considerating, as we are still trading above the POINT OF CONTROL bitcoin has the possibility to move higher and break-out of the downtrend-channel, when we break it to the upside and also close above the 20-EMA this will be a good bullish signal on the short-term. Bitcoin then will have the room to visit the 7370 to 7470 are and test the overall upper resistance in the range, that will be a hard test because there we have many bearish confluence-factors playing into a bearish reversal as I already pointed out in the recent analysis.
For now, the good news is that we can trade both outcomes after confirmation! My friends, always wait on the proper confirmation and don't rush into trades of weak consideration, at the moment we can't say definitely for sure in which direction we will continue, we can place a trade in the direction we wish but that wouldn't result in a good trade with a high possibility. Therefore in this structure, it is best to wait in which direction we brake and then place the trade in the confirmed direction.
Alright my friends, thanks for watching, may all luck and happiness come to you and of course good trading profits. ;)
Don't forget as I always use to say: Success is a science; if you have the conditions, you get the result.
In this manner: FAREWELL
Information provided is only educational and should not be used to take action in the markets.
As you can see in my chart bitcoin currently reached an equalization-range which means that the price is in consolidation on the local structure, which is confirming this is the downtrend-channel and the sideways-movement we have seen the last days. As you can see in my chart I marked the point of control of the current range with the grey trend-lines and the black text, this is the point on which we have the highest volume that means that point can work as a support or resistance, currently we have it as support but that can change! When we confirm under the point of control bearish as you can see it in my chart bitcoin will have an easy way to fall more to lower levels, the next respectable support in this scenario will be the range between 6000 and 6100 as you can see it in my chart. However this, for now, is not the most likely scenario I am considerating, as we are still trading above the POINT OF CONTROL bitcoin has the possibility to move higher and break-out of the downtrend-channel, when we break it to the upside and also close above the 20-EMA this will be a good bullish signal on the short-term. Bitcoin then will have the room to visit the 7370 to 7470 are and test the overall upper resistance in the range, that will be a hard test because there we have many bearish confluence-factors playing into a bearish reversal as I already pointed out in the recent analysis.
For now, the good news is that we can trade both outcomes after confirmation! My friends, always wait on the proper confirmation and don't rush into trades of weak consideration, at the moment we can't say definitely for sure in which direction we will continue, we can place a trade in the direction we wish but that wouldn't result in a good trade with a high possibility. Therefore in this structure, it is best to wait in which direction we brake and then place the trade in the confirmed direction.
Alright my friends, thanks for watching, may all luck and happiness come to you and of course good trading profits. ;)
Don't forget as I always use to say: Success is a science; if you have the conditions, you get the result.
In this manner: FAREWELL
Information provided is only educational and should not be used to take action in the markets.
Note
ANALYSIS UPDATE: This major support level marked a huge turning point from where BITCOIN moved on with a large and sustained bull market expansion.Once BITCOIN bounced within the zone it accelerated the dynamics till it reached new ALL-TIME-HIGH areas.
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