Bitcoin, Builds Big Flag-Formation, Important Considerations!

22 nov 2020

Hello Traders Investors And Community,

Welcome to this analysis about Bitcoin, we are looking at the 1-hour timeframe perspective, the recent events, the current structural formation, and what we can expect in the upcoming times. As already mentioned previously Bitcoin has this very important descending-trend-line in the structure which is a major reference-point here holding the bullishness to the upside, besides that Bitcoin is building other significant signs I discovered meaningful for the next outcomes and destinations, therefore I detected all the important levels and likely scenarios we should consider for Bitcoins established structure and the forthcoming destinies.

When looking at my chart we can watch there Bitcoin is forming this preliminary big descending-channel-formation marked in blue and trading above the major descending-trend-line in black, besides that Bitcoin already formed a coherent wave-count within the channel-formation with the waves A-C completed and now the wave D to establish when Bitcoin manages the further bounces from the lower-boundary it is currently testing, this wave D will directly run into the upper-resistance-cluster marked in red in my chart where still strong resistance layers lying consisting of the upper-boundary-resistance and also the horizontal resistance lying there. Therefore this resistance-cluster will be actually a strong origin for the final wave E to establish that will complete the whole wave-count and move into the lower back-up-cluster marked in blue in my chart where crucial levels lying determining for the final outcomes, Bitcoin needs to bounce in this level properly with a strong bullish move to examine a bullish breakout above the upper boundary of the channel as it is marked in my chart when Bitcoin shows up with such a price-action the huge channel-formation will be completed as a bull-flag and higher levels will be reached. In this case it is highly important that Bitcoin does not fall below the lower-boundary and below the descending-trend-line again because this will invalidate bullishness and mainly confirm the channel as a fake bull-flag with ongoing bearish pressure below the boundary.

For now, it is necessary to elevate how Bitcoin moves on further in the channel and when the developments have a good pace this can show up with great potentials further ahead, in this case, it is of high importance that Bitcoin shows up with the price-actions as suggested and do not increase with bearishness again as this can invalidate the more likely scenario, currently it is important to keep patient and wait for the proper confirmations before just rushing into trades and overspeculate the market in the wishful direction as this is happening too often these days.

In this manner friends, thank you, everybody, for watching, supports for more market insight will be great, have a good day and good weekend as well!
"Prospect is the ingredient of good fortune."

Information provided is only educational and should not be used to take action in the markets.