Bitcoin, Forming Potential Bear-Flag, Here Is What To Consider!

Hi,

Welcome to this analysis about Bitcoin, we are looking at the 30-minute timeframe perspective. Since Bitcoin formed this significant bull-trap yesterday after moving above the 24000 level and pulling back to previous zones with an emerging impulse it is forming an interesting formation now that will be the determining source within the upcoming times, therefore I detected all the important levels and likely outcomes we should consider here.

As when looking at my chart we can watch there Bitcoin is about to develop this channel-formation with the boundaries marked in blue and a coherent wave-count establishing within the formation, often it is case that such formation complete bearishly to the downside which confirms the formation as a valid bear-flag and points to lower levels in the structure. Currently, the wave-count is still forming in the channel with the waves A to C already completed and now Bitcoin with setting up to form the waves D and E with the major resistance within the upper-boundary determined by the resistance-cluster marked in red in my chart where Bitcoin has a high likelihood to complete the wave-count and be the origin for the decisive pullback to the downside, when this pullback protracts then and moves below the lower boundary of the channel it will be confirmed as a bear-flag.

The next times will show how Bitcoin moves on to finalize this formation and considering the more likely bearish perspective it is nevertheless urgently necessary to keep patient and wait on the proper validation otherwise when Bitcoin manages to stabilize above the boundary this can move Bitcoin into invalidating the more likely bearish scenario, therefore we need to elevate and look for the right confirmations to show up in the schedule.

In this manner, thank you for watching the analysis, have a great day and weekend, all the best!
"Trading effectively is about assessing possibilities, not certainites."

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