This Is Why BTC Recent Declines Can Just Be Peak Of The Iceberg!

24 Feb 2021

Hello Traders Investors And Community,

Welcome to this analysis about Bitcoin, we are looking at the daily timeframe perspectives, the recent events, the established formational structure, and what we can expect in the upcoming times. In the last day's Bitcoin showed up with exceptional bearish volatility to the downside after marking its highs at the 58.500 USD level, these facts should in any case not be kept by side here, especially as Bitcoin has still a high overbought value it is not seldom seen that the market continues or forms a major decisive reversal-formation that can also be possible here as I discovered the main formation Bitcoin is currently trading in that can lead to a much bigger reversal and bearish declines than the ones we have seen recently.

Structural Developments:
As when looking at my chart now we can watch there this massive ascending-wedge-formation forming here marked with the boundaries in black, furthermore Bitcoin has established a coherent wave-count within the formation almost already fully completing the waves A to C in the structure, and now Bitcoin is about to form the wave D in the schedule which will directly run into this crucial back-up-cluster marked in my chart in blue which is likely to be the origin of the wave E to the upside that will complete the whole wave-count and run into the upper-extension-zone which is also matching with the upper-boundary of the ascending-wedge-formation and therefore building a coherent resistance-cluster from where a pullback is likely.

Upcoming Determinations:
Taking all these factors into consideration Bitcoin has yet shown up with some very serious price-action especially when looking at this overall big formation about to form here the next times. When Bitcoin manages to bounce in the back-up-cluster and continue as suggested this can lead to the major reversal when Bitcoin finally closes below the lower-boundary, such a price-action will complete the whole ascending-wedge-formation and activate even more bearish pressure to the downside. For now, these scenarios are omnipresent and it is important to be prepared on such scenarios to take appropriate action and do not lie open foot for the market makers and smart money operators also pushing prices up and down, it will be shown how it develops further.

Thank you everybody for watching the analysis, a great appreciation for everybody supporting, have a good day and good trading, 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.