Bitcoin, Develops Massive Ascending-Channel, Important Zones!

Hello Traders Investors And Community,

Welcome to this analysis about Bitcoin, we are looking at the 12-hour timeframe perspective, the recent events, the established formational structure, and what we can expect over the upcoming times. As Bitcoin, the last months and weeks has shown up with strong exaggerated bullish volatility to the upside almost gaining huge upside Bitcoin showed up with an initial bearish pullback to the downside that should not, in any case be underestimated here as the bearish downside volatility was just too strong and it is not seldom seen that the market continues after such initial moves, therefore I detected how this can look like and how Bitcoin can continue further within the next destinies.

As when looking at my chart we can watch there how Bitcoin now developed this massive ascending-channel-formation with the boundaries marked in black within my chart, currently Bitcoin is not only testing resistance within the channel but also moves into local resistance and Fibonacci-resistance lying there, furthermore, Bitcoin is within this coherent protracted wave-count with the waves 1 to 3 already completed therefore the wave 4 is outstanding the next times which will complete when Bitcoin forwards with the correctional wave-count within the wave 4, this will happen when Bitcoin moves below the middle line of the channel marked in my chart in dashed grey, in this case, the lower strong support-cluster will serve as solid support.

Bitcoin is trading in a situation where it has developed this massive formation with the huge volatile price-swings within the formation, such swings can provide good opportunities when this is done right as we have managed with trading the recent bearish wave all the way to the downside, now when Bitcoin should continue with this dynamic and proceed with forming the major wave 4 within the schedule it will run into the great support-cluster lying there possibly the origin of the final wave 5 to the upside completing the wave-count, however, this will be crucial as Bitcoin will run into the extension-level marked in my chart in red and also the resistance lying there, in this case, the zone can be a considerable short-zone as the wave-count will also be completed.

In this manner, thank you for watching the analysis, have a good day and of course 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 markets.