Hello Cryptocurrency Community,
Welcome to this analysis about Bitcoin and the daily timeframe perspectives. In recent times Bitcoin showed up with a serious dump in the structure after it did not manage to hold the 39.500 USD level. Nevertheless, in this whole development, important news came through in the market that are indicating that the technological and fundamental development of Bitcoin is actually increasing not decreasing. Miners accumulation reached new highs, Coinbase launched a partnership with MasterCard and Walmart plans development of an in-house own Cryptocurrency as well as an NFT-division. All these factors are contributing to the fact that the sentiment for Bitcoin is actually positively bullish. Nevertheless, the technicals are also highly pivotal in this case, this is why I detected a major formation forming with Bitcoin together with the central levels that will be highly important within the upcoming times.
Structural Developments:
Taking all these factors into the consideration here Bitcoin and looking at my chart we can watch there how Bitcoin has developed this primary descending triangle formation. In this descending triangle formation BTCUSD has the wave count with the waves A to E almost completed. Now with the ending and finalization of the wave E which simultaneously formed out of the dump Bitcoin is testing the main lower boundary of the triangle which is matching with the initial structure-support marked in green. When Bitcoin manages to bounce in this area and finally breakout above the upper boundary of the descending triangle formation as it is seen in my chart this will complete the whole formation and from there on Bitcoin will have the ability to continue further. Nevertheless, it will be highly crucial on how Bitcoin continues from there and how Bitcoin tests the remaining resistance at the 45.500 USD level because when Bitcoin heavily pulls back from this point on this will lead to a devastating reversal down the line.
Upcoming Determinations:
Therefore it will be highly decisive on how Bitcoin actually potentially stays within this structure above the 38.000 USD level because if this does not happen and Bitcoin breaks down below this level the whole reversal formation will be invalidated and Bitcoin is likely to continue bearishly into the bearish continuation zone marked in my chart in red. However, when Bitcoin manages to stay in the structure and form a substantial stabilization within this can lead to a great reversal with Bitcoin actually managing to breakout above the remaining resistance, such a development will lead to the wave C extension above the resistance as it is marked in my chart. For now, it will be highly necessary to await these confirmations before rushing into the market and overspeculating the market into a one-sighted direction. As it is always the case in such situations, it is important to await the proper confirmations and keep calm before moving to further conclusions, fundamentally speaking Bitcoin has still potentials however this on the middle and long term basis needs to be validated also from a technical perspective, it will be an interesting journey ahead.
In this manner, thank you for watching the analysis, all the best!
"The high destiny of the market is to explicate, rather than to speculate."
Information provided is only educational and should not be used to take action in the markets.
Welcome to this analysis about Bitcoin and the daily timeframe perspectives. In recent times Bitcoin showed up with a serious dump in the structure after it did not manage to hold the 39.500 USD level. Nevertheless, in this whole development, important news came through in the market that are indicating that the technological and fundamental development of Bitcoin is actually increasing not decreasing. Miners accumulation reached new highs, Coinbase launched a partnership with MasterCard and Walmart plans development of an in-house own Cryptocurrency as well as an NFT-division. All these factors are contributing to the fact that the sentiment for Bitcoin is actually positively bullish. Nevertheless, the technicals are also highly pivotal in this case, this is why I detected a major formation forming with Bitcoin together with the central levels that will be highly important within the upcoming times.
Structural Developments:
Taking all these factors into the consideration here Bitcoin and looking at my chart we can watch there how Bitcoin has developed this primary descending triangle formation. In this descending triangle formation BTCUSD has the wave count with the waves A to E almost completed. Now with the ending and finalization of the wave E which simultaneously formed out of the dump Bitcoin is testing the main lower boundary of the triangle which is matching with the initial structure-support marked in green. When Bitcoin manages to bounce in this area and finally breakout above the upper boundary of the descending triangle formation as it is seen in my chart this will complete the whole formation and from there on Bitcoin will have the ability to continue further. Nevertheless, it will be highly crucial on how Bitcoin continues from there and how Bitcoin tests the remaining resistance at the 45.500 USD level because when Bitcoin heavily pulls back from this point on this will lead to a devastating reversal down the line.
Upcoming Determinations:
Therefore it will be highly decisive on how Bitcoin actually potentially stays within this structure above the 38.000 USD level because if this does not happen and Bitcoin breaks down below this level the whole reversal formation will be invalidated and Bitcoin is likely to continue bearishly into the bearish continuation zone marked in my chart in red. However, when Bitcoin manages to stay in the structure and form a substantial stabilization within this can lead to a great reversal with Bitcoin actually managing to breakout above the remaining resistance, such a development will lead to the wave C extension above the resistance as it is marked in my chart. For now, it will be highly necessary to await these confirmations before rushing into the market and overspeculating the market into a one-sighted direction. As it is always the case in such situations, it is important to await the proper confirmations and keep calm before moving to further conclusions, fundamentally speaking Bitcoin has still potentials however this on the middle and long term basis needs to be validated also from a technical perspective, it will be an interesting journey ahead.
In this manner, thank you for watching the analysis, all the best!
"The high destiny of the market is to explicate, rather than to speculate."
Information provided is only educational and should not be used to take action in the markets.
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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.
►✅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.