Bitcoin, Tests Main Trend-Line, Potential Scenarios Upcoming!

2 Jun 2021

Hi,

Welcome to this analysis about Bitcoin, we are looking at the 12-hour timeframe perspectives. Since Bitcoin in recent times has shown up with the high bearish volatility to the downside it has tested this major ascending-support-line marked in my chart in black from where it now initially bounced to the upside and is slowly building up. I mentioned already the triangle on the local perspective which is likely to break out to the upside and when this happens Bitcoin will move on to test the main upper support as shown in my chart after the likely pullback moves on from there Bitcoin will either have the ability to stabilize above and build upon it or move below the trend-line and form the wave-C-extension as shown in my chart. As Bitcoin has some solid supports lying in the structure the bullish stabilization after the wave-count and further continuation have a higher likelihood however it is highly necessary to keep patient on the final validations before moving into the direction.

In this manner, thank you for watching the analysis and great contentment for everybody supporting, 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 market.