Bitcoin, The Major Wedge-Formation Crucial In Upcoming Times!

Hello Traders Investors And Community,

Welcome to this analysis about Bitcoin, we are looking at the 2-day timeframe perspective, the recent events, the established formational structure, and what we can expect in the upcoming times. Bitcoin in its established uptrend is still in an uptrend however this uptrend gets more and unstabilized with the several pullbacks Bitcoin has already shown up in recent times. This is why it is important to do not underestimate the bearish perspectives here as I also discovered the main formation that can lead to a reversal and bearish pressure firstly testing lower levels, especially in such volatile markets where prices move higher however with more volatile waves and pullbacks a major pullback can happen more swiftly than expected.

As when looking at my chart now we can watch there how Bitcoin established this major ascending-wedge-formation marked with the boundaries in blue, within this wedge Bitcoin has the coherent wave-count and already completed the waves A to D in the structure. With Bitcoin now bouncing from the lower boundary, this is the origin of the main wave E to the upside which will finalize the whole wave-count and run directly into the upper zones of resistance and Fibonacci-extension lying there which is a likely zone to be the source of a bearish pullback to the downside, when this pullback then moves on and closes below the lower boundary it will complete the whole formation and show up with further bearish continuations to test lower levels, this does not mean Bitcoin can not form new highs anymore however it means that bearish dynamics can increase more which should not be kept by side, for now, it will be important to elevate on how Bitcoin continues with the wedge-development.

Thank you everybody for watching the analysis, great contentment for everybody supporting, all the best!
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Information provided is only educational and should not be used to take action in the market.