BITCOINS Valuable Fractal Development In This STARTING-HOLES!!
Updated
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Hello traders investors and community, there are a lot of signs in the BTCUSD chart which tell us that there is already much resistance above us, but as I said already in previous analysis the coronavirus fears on the markets and economy all over showing signs of stabilization after the major panics rose through the markets the last days and weeks, that is why we see some little up-bouncing after the heavy decline and therefore we can expect that bitcoin remains slowly to touching the ups-side resistance lines, which we have of course between 6450 and 6900, thats why the price is sluggish right now and the volatility seen before is turning down.
But what is more important and what I found out analysing the chart is that bitcoin can possibly develop a third fractal of this significant structure which first traded below the EMA and confirmed it as resistance and after that moved back up with heavy and healthy bull-moves, you can see this fractals which already developed in the chart marked with the dark blue boxes and the numbers "1" and "2" in red, there is amazing symmilarity with the first, second and third possible fractal now, all of these confirmed the 20-Day-EMA as resistance before developing a consolidation and finally moving steady up-wards:
What was also catching my eye in this structure was the support which is developing in the falling black support-line and the rising black-support line, we have great convergence at this level, it is highly likely possible that when bitcoin touches this level we can confirm that level as support, I marked it also with the green cycle when this level is touched and bitcoin establishes an up-rise from there we can expect a third fractal forming just as seen before, the structure would originally match into this formation.
Taking this information into consideration we can say that a possible pull-back into the support zone at the support-lines can wait on us, this will be a great opportunity for bitcoin to test these levels, there is a great possibility to confirm it also as support, but when looking from the trading-perspective it is important to wait here for a definite confirmation on these levels otherwise bitcoin can also fall lower! Remember that when we cross this black rising trend-line there is a bearish zone which I already mentioned in the previous analysis. In such times it is always the wisest opportunity to wait until a pattern or fractal confirmed and then take the inevitable initiative with the given market information. For now, I see much resistance and bitcoin will have a hard time coming up, otherwise, this can change after a second or third confirmation of the given support levels and a strong breakout.
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In this manner: "The key to success is to focus on goals, not obstacles."
Have a nice day my friends! Wish you all good trading profits in these volatile times! For more worthwhile insights feel free to support!
Information provided is only educational and should not be used to take action in the markets.
_______________________________________________________________________________________________________________________________________________________________________
Hello traders investors and community, there are a lot of signs in the BTCUSD chart which tell us that there is already much resistance above us, but as I said already in previous analysis the coronavirus fears on the markets and economy all over showing signs of stabilization after the major panics rose through the markets the last days and weeks, that is why we see some little up-bouncing after the heavy decline and therefore we can expect that bitcoin remains slowly to touching the ups-side resistance lines, which we have of course between 6450 and 6900, thats why the price is sluggish right now and the volatility seen before is turning down.
But what is more important and what I found out analysing the chart is that bitcoin can possibly develop a third fractal of this significant structure which first traded below the EMA and confirmed it as resistance and after that moved back up with heavy and healthy bull-moves, you can see this fractals which already developed in the chart marked with the dark blue boxes and the numbers "1" and "2" in red, there is amazing symmilarity with the first, second and third possible fractal now, all of these confirmed the 20-Day-EMA as resistance before developing a consolidation and finally moving steady up-wards:
What was also catching my eye in this structure was the support which is developing in the falling black support-line and the rising black-support line, we have great convergence at this level, it is highly likely possible that when bitcoin touches this level we can confirm that level as support, I marked it also with the green cycle when this level is touched and bitcoin establishes an up-rise from there we can expect a third fractal forming just as seen before, the structure would originally match into this formation.
Taking this information into consideration we can say that a possible pull-back into the support zone at the support-lines can wait on us, this will be a great opportunity for bitcoin to test these levels, there is a great possibility to confirm it also as support, but when looking from the trading-perspective it is important to wait here for a definite confirmation on these levels otherwise bitcoin can also fall lower! Remember that when we cross this black rising trend-line there is a bearish zone which I already mentioned in the previous analysis. In such times it is always the wisest opportunity to wait until a pattern or fractal confirmed and then take the inevitable initiative with the given market information. For now, I see much resistance and bitcoin will have a hard time coming up, otherwise, this can change after a second or third confirmation of the given support levels and a strong breakout.
_______________________________________________________________________________________________________________________________________________________________________
In this manner: "The key to success is to focus on goals, not obstacles."
Have a nice day my friends! Wish you all good trading profits in these volatile times! For more worthwhile insights feel free to support!
Information provided is only educational and should not be used to take action in the markets.
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Note
ANALYSIS UPDATE: The BITCOIN halving changed everything within the whole BITCOIN chart as BITCOIN also simultaneously bounced in the range and above the upper resistance trend line.
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