Bitcoin, Confirmed About Key Flag, The Condition Has Altered!
Updated
Hello Traders Investors And Communtiy, welcome to this update-analysis about recent events happening within bitcoins current price-structure. As I mentioned in past analysis bitcoin was moving in an important possible bullish bull flag which could still fail but needed to confirm up for the proper verification, exactly this scenario played out right now and bitcoin firstly tested the remaining resistance which I pointed out we have in the structure, this shows just one more time that technical analysis is an empirical science which can work well in today's markets, where many people keeping ignorant and remain in the speculative sphere especially in the fundamental analysis spectrum like the academic economy sciences which disregard the importance of technical analysis we should look at markets not only with a constitutive curious perspective but also with the proper technical approach, therefore, we are looking at the daily timeframe.
As you can examine in my chart bitcoin saw some exaggerated volatility the last time which just catapulted bitcoin above the bull-flag which I mentioned in the previous analysis, this bull-flag is now firstly confirmed to the upside with a healthy volatile move running into the remaining resistance and testing it. Because this level at 10500 is still an huger resistance which confirmed several times to the downside it is within the likelihood spectrum that we will get a pullback here but this will play into the bull-flag scenario to confirm the upper boundary of the bull-flag properly, which will give completely the next in completing the formation, when this happens and we get an up bounce from there we need to take out the still serious resistance at 10500 to activate the foremost-bull-flag-target you can see in my chart. At the moment this does not look like a fake breakout because the volatility held the price above the channel but for a full confirmation we need to confirm the upper boundary.
Originated Idea According This Subject In Bitcoin (Daily Timeframe):
Overall we have some good signs not only on the daily timeframe perspective but also on the 4-hour timeframe and the weekly timeframe which I mentioned recently, on the weekly timefram we took the falling resistance out which is a good sign at all. Now we are completing one more step to see the same signals which can lead bitcoin to a continuation also in the weekly timeframe which is very important. At all the current situation has a more bullish shape than bearish but there remains a little possiblity that the breakout we have seen is actually a fake breakout, this is when we see the bull-flag not confirming tightly a second time but fall back into the channel and see more bearish pressure signs, although it is not the most likely scenario for now this should kept in mind. Remember that the markets are full of possiblities and smart traders should carefully wage this possibilites out to make decisions which fitting best into the market situation to take the proper right action within the highest possible scenarios. This means to elevate oneself above hte mere speculative gambling approach and see the markets as a whole living organism with its twists and turns not only at the technical sides.
In this manner, thanks for watching, support for more market insight, have a good day and all the best!
Every great advance of scrutiny in study has issued from a new audacity of imagination.
Information provided is only educational and should not be used to take action in the markets.
As you can examine in my chart bitcoin saw some exaggerated volatility the last time which just catapulted bitcoin above the bull-flag which I mentioned in the previous analysis, this bull-flag is now firstly confirmed to the upside with a healthy volatile move running into the remaining resistance and testing it. Because this level at 10500 is still an huger resistance which confirmed several times to the downside it is within the likelihood spectrum that we will get a pullback here but this will play into the bull-flag scenario to confirm the upper boundary of the bull-flag properly, which will give completely the next in completing the formation, when this happens and we get an up bounce from there we need to take out the still serious resistance at 10500 to activate the foremost-bull-flag-target you can see in my chart. At the moment this does not look like a fake breakout because the volatility held the price above the channel but for a full confirmation we need to confirm the upper boundary.
Originated Idea According This Subject In Bitcoin (Daily Timeframe):
Overall we have some good signs not only on the daily timeframe perspective but also on the 4-hour timeframe and the weekly timeframe which I mentioned recently, on the weekly timefram we took the falling resistance out which is a good sign at all. Now we are completing one more step to see the same signals which can lead bitcoin to a continuation also in the weekly timeframe which is very important. At all the current situation has a more bullish shape than bearish but there remains a little possiblity that the breakout we have seen is actually a fake breakout, this is when we see the bull-flag not confirming tightly a second time but fall back into the channel and see more bearish pressure signs, although it is not the most likely scenario for now this should kept in mind. Remember that the markets are full of possiblities and smart traders should carefully wage this possibilites out to make decisions which fitting best into the market situation to take the proper right action within the highest possible scenarios. This means to elevate oneself above hte mere speculative gambling approach and see the markets as a whole living organism with its twists and turns not only at the technical sides.
In this manner, thanks for watching, support for more market insight, have a good day and all the best!
Every great advance of scrutiny in study has issued from a new audacity of imagination.
Information provided is only educational and should not be used to take action in the markets.
Note
Bitcoin exemplified heavy volatility the last time!Note
We need to elevate if the support can be stabilized in the current structure or fall below and more bearish pressure hits the market.Note
Bitcoin confirmed at the blue EMA you see in my chart, this level needs to be hold, below it we will see bearish pressure signs.Note
ANALYSIS UPDATE: BITCOIN could extend the bull-flag formation and mark determining supports till a final breakout into the upper spheres could emerge.Since BITCOIN formed the breakout and developed the main uptrend it reached all of the bull-flag target zones.
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