Bitcoin, Possibilities Since The Bearish Breakdowns!

4 set 2020

Hello Traders Investors And Community, welcome to this analysis where we are looking at the bitcoin 12-hour timeframe perspectives, the events occurred since the bearish breakdown, and confirmation of the huge head and shoulder top formation. Not only bitcoin but also other major cryptocurrencies like XRP or ethereum established bearish breakdowns closing below important levels of support, this established bearish shape should not be ignored here and now it is a big question if bitcoin is already ready to reverse in the range and move to higher levels or the bearishness will continue and push the price below important support levels, in this case, I detected the important scenarios and levels we should consider now to anticipate further movements rightly to do not get overwhelmed by the massive volatility coming into the market stopping inexperienced traders out of the positions.

Looking at my chart you can watch there bitcoin just bounced at the important 10.000 USD support level marked in orange which is a strong psychological support level previously been resistance, as the bearish breakdowns came to this level the bearish trend firstly stopped and little bullish up moves came into the surface not only on the 12-hour timeframe but also on the lower timeframes. As bitcoin bounced at this meaningful support it is possible that we will see upmoves coming into the surface next times as it is marked in my chart, the next times we can expect bitcoin to test the 10.000 USD support mark again and when it holds the possibility to form some up moves and test remaining resistance levels in the structure.

When considering a bullish recovery in the current range it is from high importance the 10.000 USD level holds sustainably and that the price does not fall below this level again because this will invalidate a possible bullish recovery and move bitcoin to lower levels in the structure till there is significant support found which bitcoin has at the first time in the ascending-support-line marked in black in my chart. The next times will show what formation bitcoin is building here, when bitcoin will create another bearish formation similar to the head and shoulder top formation like a bear flag or another head and shoulder formation this will increase the possibility for more downside and lower levels to be visited the next times.

In this manner, thank you for watching, support for more market insight, good day to you and all the best!
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Information provided is only educational and should not be used to take action in the markets.