Bitcoin, Move As Expected, Testing The Higher Levels!
Updated
Hello, Traders Investors And Community and welcome to this update-analysis about the current events happening in BTCUSD, we are looking at the locally 4-hour time-frame and at the moment BTCUSD is testing the falling red trend-line as expected and mentioned in the recent analysis if you did not already saw this analysis I highly recommend you to watch it to have a full-depth-insight, I pointed out there that when BTCUSD manages to take out the resistance at 8780 to 8850 there is a high probability that BTCUSD will test remaining higher resistance-zones and exactly this scenario happened now.
Now, when looking at my chart you can see that bitcoin is just at the current moment testing the falling red trend-line with a lowe momentum spike, that can indicate that BTCUSD will fall back to the support which you see in my chart marked with the orange box before moving higher above the falling red trend-line. Remember that this orange support has to be confirmed properly when we see low volatility here and no concrete reversal signs the support can be invalidated and the price can turn down after several weak bounces.
The other possibility is that the BTCUSD price is that much strong that we increase in price here and establish to move above the falling red trend-line this will be a highly bullish move which can bring the price to the 10260 to 10440 level which you can see marked in my chart with the blue box, from there we will definitely have a high resistance cluster where a pull-back is in the possible spectrum. But at the moment I see the first scenario more possible because the price begins to weaken at resistance currently.
Overall we can contemplate that BTCUSD is building an range in the level here and that it will be highly interesting where this range is going to breakout. When we establish solid support here it is possible for bitcoin to move above the range and confirm in the bullish zone but this has to be confirmed rightfully without the proper confirmation BTCUSD will still hang in a sideway-market where the breakout in either the bullish or bearish direction has to play out and confirm further so we can take advantage of it and trade the highest possible scenario.
Thanks for watching, support for more market insight and all the best!
Trading effectively is about assessing probabilities, not certainties.
In this manner: FAREWELL
Information provided is only educational and should not be used to take action in the markets.
Now, when looking at my chart you can see that bitcoin is just at the current moment testing the falling red trend-line with a lowe momentum spike, that can indicate that BTCUSD will fall back to the support which you see in my chart marked with the orange box before moving higher above the falling red trend-line. Remember that this orange support has to be confirmed properly when we see low volatility here and no concrete reversal signs the support can be invalidated and the price can turn down after several weak bounces.
The other possibility is that the BTCUSD price is that much strong that we increase in price here and establish to move above the falling red trend-line this will be a highly bullish move which can bring the price to the 10260 to 10440 level which you can see marked in my chart with the blue box, from there we will definitely have a high resistance cluster where a pull-back is in the possible spectrum. But at the moment I see the first scenario more possible because the price begins to weaken at resistance currently.
Overall we can contemplate that BTCUSD is building an range in the level here and that it will be highly interesting where this range is going to breakout. When we establish solid support here it is possible for bitcoin to move above the range and confirm in the bullish zone but this has to be confirmed rightfully without the proper confirmation BTCUSD will still hang in a sideway-market where the breakout in either the bullish or bearish direction has to play out and confirm further so we can take advantage of it and trade the highest possible scenario.
Thanks for watching, support for more market insight and all the best!
Trading effectively is about assessing probabilities, not certainties.
In this manner: FAREWELL
Information provided is only educational and should not be used to take action in the markets.
Note
UPDATE ANALYSIS: BITCOIN had the greatly determining potential to bounce bullishly within the structure supports from where it formed a bullish base.With the breakout above the range, BITCOIN could continue with steady upside extensions and form a significant new bull market.
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