Important Situation Determining Bitcoins Further Price-Action!
Updated
Hello friends, hopefully, everybody of you is doing good in today's volatile market environment and welcome to this analysis about bitcoins actual price-situation we have seen some exciting things going on the last time, as many people were bullish on bitcoins actual price-movement and further continuation there are some significant signs which make it harder to underline the bullish scenario at all, that does not mean the bullish scenario is fully out of the sight but that does mean that we need to march above resistance and confirm it properly otherwise the heavy bearish scenario will play out.
Alright, when looking at my chart we can elevate that bitcoin is currently trading in a neutral zone divided by the two grey falling trend-lines you can see in the chart, we have seen some bearish decline the last hours and days in which bitcoin firstly confirmed the support and after falling below confirmed it as resistance, you can see the important support/resistance level in orange at my chart, currently, we have it as resistance. Furthermore, we have seen heavy volume when falling below the support that is indicating that this is not a weak bullish down-turn and can be a signal for further bearish continuation, therefore, the bearish scenario to the downside can't be ignored.
In my chart, you can watch also the black trend-lines which are equivalent to the point of control in this structure which is signaling the price-level with the highest volume, therefore, it can transform into an important support/resistance level playing and highly meaningful role in the structure. I made also already other analysis of this subject, just go to my account and look at the given ideas when you are interested in it. When we fall below the black point of control this is a sign for a possible continuation to the downside pushing down from orders executed. Otherwise, we can confirm it and the range around it as support and form a slow but steady uptrend.
At the moment we have to wait and see which scenario confirms properly either it is the bullish scenario with a break and confirmation of the falling grey trend-line or it is the bearish scenario with a break of the black point of control level and continuation into the bearish zone of the current range. In both cases, we can expect a high possibility for the continuation in the confirmed direction although we have support-resistance levels in the range. Currently, I see a slightly higher possibility for a continuation upward because the falling trend-lines looking like an original textbook wedge but that scenario has to be confirmed otherwise we are still neutral and the price can turn bearish.
Great friends, this should give you the proper overview of bitcoins current situation, remember we are always trading what we see not what we think this is mere speculation and we have to distance ourselves from the illogical approach in the markets.
Thanks for watching, feel free to support and 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.
Alright, when looking at my chart we can elevate that bitcoin is currently trading in a neutral zone divided by the two grey falling trend-lines you can see in the chart, we have seen some bearish decline the last hours and days in which bitcoin firstly confirmed the support and after falling below confirmed it as resistance, you can see the important support/resistance level in orange at my chart, currently, we have it as resistance. Furthermore, we have seen heavy volume when falling below the support that is indicating that this is not a weak bullish down-turn and can be a signal for further bearish continuation, therefore, the bearish scenario to the downside can't be ignored.
In my chart, you can watch also the black trend-lines which are equivalent to the point of control in this structure which is signaling the price-level with the highest volume, therefore, it can transform into an important support/resistance level playing and highly meaningful role in the structure. I made also already other analysis of this subject, just go to my account and look at the given ideas when you are interested in it. When we fall below the black point of control this is a sign for a possible continuation to the downside pushing down from orders executed. Otherwise, we can confirm it and the range around it as support and form a slow but steady uptrend.
At the moment we have to wait and see which scenario confirms properly either it is the bullish scenario with a break and confirmation of the falling grey trend-line or it is the bearish scenario with a break of the black point of control level and continuation into the bearish zone of the current range. In both cases, we can expect a high possibility for the continuation in the confirmed direction although we have support-resistance levels in the range. Currently, I see a slightly higher possibility for a continuation upward because the falling trend-lines looking like an original textbook wedge but that scenario has to be confirmed otherwise we are still neutral and the price can turn bearish.
Great friends, this should give you the proper overview of bitcoins current situation, remember we are always trading what we see not what we think this is mere speculation and we have to distance ourselves from the illogical approach in the markets.
Thanks for watching, feel free to support and 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: BITCOIN continued with a strong bullish momentum increase to finally breakout above the boundaries into the Bull-Zone. From there on BITCOIN accelerated into a major bull market determination.
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