Welcome to this analysis about Bitcoin, we are looking at the 12-hour timeframe perspectives. Bitcoin in recent times is in a very decisive situation as it managed to initially bounce in the structure since the heavy bearish breakdowns to form this triangle-formation Bitcoin is trading above very important support which is the ascending-support-trend-line above which it is moving in the triangle, therefore a bounce to the upside to complete the triangle bullishly in the structure has a higher possibility than the breakout to the downside into the bearish-continuation-zone nevertheless it is highly necessary to await the final validation as the possibilities can also change again. Now when Bitcoin forms the more likely initial bullish breakout this does not mean Bitcoin is completely bullish anew as there is still strong resistance lying above in the structure as marked in my chart from where the situation, in any case, needs to be elevated anew.
In this manner, thank you for watching the analysis and great contentment for everybody supporting, all the best! "There are many roads to prosperity, but one must be taken."
Information provided is only educational and should not be used to take action in the market.
Would be great if we were not forming the right shoulder for HS. The break would hit BTC out of the triangle - potential bear flag. Add in the death cross, and the probability of going down is much higher.