This Is What We Need To Know About Bitcoins Current Structure!
Updated
Hello, Traders Investors And Community, and welcome to this analysis about bitcoin current structure and what we can expect from the next hours and days. There are some important signs which I figured out and made clear to me that bitcoin will decide the next time where it is going with the overall price structure. We are looking at the locally 4-hour time-frame if you want to have a bigger view on the picture I recommend that you go to my account and look at the middle-to-long-term analysis published about bitcoin.
When looking at my chart you can see that bitcoin is currently trading at the black resistance level I marked for you it shows also up in the volume profile as the important resistance level in the overall structure, at the moment we are testing it and a possible scenario is that when we break it to the upside we have a higher likelihood given that bitcoin will test higher levels in the structure, at least move to the 9600 levels to test the falling red trend-line.
On the other side, we have the bearish scenario which will be fulfilled when we cross the rising blue trend-line you can see in my chart to the downside because there is a high probability given that we get more selling pressure when we cross it down we can assume bitcoin to visit the POINT OF CONTROL level you see in my chart marked in orange, this will be the target for the overall scenario to the downside, remember that we need to confirm it properly with a definite break of the blue up-trend-line and close below it.
What is a good sign and important to acknowledge about the structure is that both scenarios can be traded properly, the bullish, as well as the bearish scenario but each scenario has to be confirmed rightly before looking for a good trade entry. In the bullish case, this will be when we break the current resistance and confirm it as solid support and with the bearish scenario when we break the rising blue trend-line to the downside as already mentioned.
Many people calling for the complete bearish breakdown now, it is possible of course but this breakdown has to be confirmed appropriately as mentioned and before that we can't say 100% for sure that the bearish breakdown scenario will play out definitely, at the moment bitcoin is still consolidating on the short-term and therefore will decide where it is going to the next time, when the confirmation has come we can examine the next steps and way for bitcoin to enter.
Thanks for watching, support for more market insight, and a good weekend, everybody! ;)
Astonishment is the basis of reverence.
In this manner: FAREWELL
Information provided is for educational purposes only and should not be used to take action in the markets.
When looking at my chart you can see that bitcoin is currently trading at the black resistance level I marked for you it shows also up in the volume profile as the important resistance level in the overall structure, at the moment we are testing it and a possible scenario is that when we break it to the upside we have a higher likelihood given that bitcoin will test higher levels in the structure, at least move to the 9600 levels to test the falling red trend-line.
On the other side, we have the bearish scenario which will be fulfilled when we cross the rising blue trend-line you can see in my chart to the downside because there is a high probability given that we get more selling pressure when we cross it down we can assume bitcoin to visit the POINT OF CONTROL level you see in my chart marked in orange, this will be the target for the overall scenario to the downside, remember that we need to confirm it properly with a definite break of the blue up-trend-line and close below it.
What is a good sign and important to acknowledge about the structure is that both scenarios can be traded properly, the bullish, as well as the bearish scenario but each scenario has to be confirmed rightly before looking for a good trade entry. In the bullish case, this will be when we break the current resistance and confirm it as solid support and with the bearish scenario when we break the rising blue trend-line to the downside as already mentioned.
Many people calling for the complete bearish breakdown now, it is possible of course but this breakdown has to be confirmed appropriately as mentioned and before that we can't say 100% for sure that the bearish breakdown scenario will play out definitely, at the moment bitcoin is still consolidating on the short-term and therefore will decide where it is going to the next time, when the confirmation has come we can examine the next steps and way for bitcoin to enter.
Thanks for watching, support for more market insight, and a good weekend, everybody! ;)
Astonishment is the basis of reverence.
In this manner: FAREWELL
Information provided is for educational purposes only and should not be used to take action in the markets.
Note
ANALYSIS UPDATE: BITCOIN steadily built up above the main ascending support trend line holding the trend towards the upside.Since the BITCOIN bulls finally accelerated major short positions executions the price action broke out of the range and developed a massive uptrend.
►✅JOIN THE BEST+ TOP TELEGRAM TRADING CHANNEL: t.me/VincePrinceForexGoldStocks
►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.