Hello Traders Investors And Community,
Bitcoin recently moved into the main local resistance at the 59600 USD level and severely tested it without moving through it or pulling back in the structure, this is indicating a major move to come sooner than later and in such a situation, it is important to wage the possibilities properly to finally come to the right conclusions without overspeculating the market into one sighted direction because it is always necessary to also be prepared on the reverse-dynamic to do not get overwhelmed by circumstances, this is why I detected the underlying possibilities and main scenarios that will determine upcoming destinies, in this case, one scenario has a greater likelihood which should be more expected than the other one.
As when looking at my chart we can watch there how Bitcoin backed up since showing these bearish conclusions, since this bullish backup Bitcoin moved right away into this local resistance marked in black and testing it, this is a very important reference point because it is determining if bullish conclusions continue or not. Within this zone, Bitcoin is also developing this ascending-channel-formation marked with the dashed lines in my chart and basically, the breakout will decide the final direction. For now, the bullish breakout has a higher possibility of 65% as it is shown in my chart with the concluded mechanisms nevertheless it is necessary to keep the patient on the final validations before finally moving in this direction.
Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and good trading, 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.
Bitcoin recently moved into the main local resistance at the 59600 USD level and severely tested it without moving through it or pulling back in the structure, this is indicating a major move to come sooner than later and in such a situation, it is important to wage the possibilities properly to finally come to the right conclusions without overspeculating the market into one sighted direction because it is always necessary to also be prepared on the reverse-dynamic to do not get overwhelmed by circumstances, this is why I detected the underlying possibilities and main scenarios that will determine upcoming destinies, in this case, one scenario has a greater likelihood which should be more expected than the other one.
As when looking at my chart we can watch there how Bitcoin backed up since showing these bearish conclusions, since this bullish backup Bitcoin moved right away into this local resistance marked in black and testing it, this is a very important reference point because it is determining if bullish conclusions continue or not. Within this zone, Bitcoin is also developing this ascending-channel-formation marked with the dashed lines in my chart and basically, the breakout will decide the final direction. For now, the bullish breakout has a higher possibility of 65% as it is shown in my chart with the concluded mechanisms nevertheless it is necessary to keep the patient on the final validations before finally moving in this direction.
Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and good trading, 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.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
►✅JOIN THE BEST+ TOP TELEGRAM TRADING CHANNEL: t.me/VincePrinceForexGoldStocks
►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.