Bitcoin, Potential Flag-Formation Develops, How It Completes!

Hello Traders Investors And Community,

Welcome to this analysis about Bitcoin, we are looking at the 2-hour timeframe perspective. Recently Bitcoin managed to break out above important resistance-zones and close above these zones, this gives the edge of a potential increase of bullishness firstly on the local timeframe perspective nevertheless it is important to notice that there are still strong resistances lying above. In this case, now I discovered an interesting formation that can lead to great bullish volatility firstly on the local short-term timeframe perspective when it properly completes within the schedule, therefore I detected all the important levels and likely destinies we should consider within the established structure and upcoming movements.

As when looking at my chart now we can watch there how Bitcoin recently took out several important resistance as it bounced above this main descending-trend-line marked in blue which was previously resistance and is now support. Furthermore, Bitcoin marked also above the main 15-EMA in red and above this very important ascending-trend-line marked in dashed grey. Now as Bitcoin managed above these levels it is forming a decisive formation which is firstly a descending-channel-formation in which Bitcoin develops a wave-count in the formation. This formation can complete as a bull-flag and activate initial bullishness when Bitcoin finally moves above the upper-boundary and closes there as it is marked in my chart, when such a price-action happens Bitcoin will move on and test the upper levels of resistance from where a pullback firstly is more likely than a direct move through these resistance however it needs to be elevated how Bitcoin reacts in these zones. For now, it will be important to elevate on how Bitcoin completes this channel as the proper flag-formation to show up with further conclusions.

Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and good trading, all the best!
"Good luck is when opportunity meets preparation."

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