BITCOIN, This MAJOR H-S-FORMATION Recently COMPLETED!!

2 Nov 2021Hello,

Welcome to this analysis about Bitcoin and the 4-hour timeframe perspectives. Bitcoin on the 4-hour chart recently showed up with this heavy increased bullishness candlestick to the upside shooting above important resistances in the structure which are now support. Not only these technical developments established but also fundamentally there are news that are showing the Bitcoin network is moving forward and technical adoption of Bitcoin is taking place such as Bitcoin ETFs getting approved and the major grayscale Bitcoin investment fund should be converted into a Bitcoin ETF. Therefore I detected all the important levels and upcoming determinations we need to consider in these current determinations.

As when looking at my chart we can watch there how Bitcoin made the breakout above the 63.000 USD region and increased with bullish encounters above especially after it bounced off the point-of-control-line marked in red by the volume profile. What is mainly important in this whole structure is the massive decisive inverse head-shoulder-formation Bitcoin has formed on the 4-hour timeframe perspectives that is now fully completed with the breakout above the neckline. Therefore Bitcoin now has activated the upside-targets at the 66.500 USD level marked in blue in my chart, once these targets has been reached it has to be elevated how Bitcoin reacts to these and if this is done in a strongly bullish manner because when this happens and Bitcoin after that stays in this area there can come a further setup from where Bitcoin has abilities to build up and when this happens with Bitcoin breaking out into the new all-time-high this will lead to the bullish continuation as Bitcoin will be in the bullish-continuation-zone marked in my chart in green, this will also lead to a wave-E-development, it will be an interesting journey ahead.

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