Bitcoin, Approaches Major Trend-Line Again, Upcoming Scenarios!

23 Mar 2021

Hello Traders Investors And Community,

Welcome to this analysis about Bitcoin, we are looking at the 6-hour timeframe perspective, the recent events, the established formational structure, and what to expect in the upcoming times. Recently Bitcoin formed this main double-top on the local timeframe perspective, confirmed it, and already fully reached the downside targets within the schedule, now these bearish pressures initially became omnipresent and with Bitcoins current situation I discovered the main structure that will be the determining part within the next times, therefore it is highly important to wait on the proper validations and confirmations within the schedule, in this case, I detected all the important levels and likely destinies we should consider.

As when looking at my chart we can watch there how Bitcoin now with these bearish price-actions recently tested this main ascending-trend-line marked in blue in my chart, Bitcoin already bounced two times previously within this line, when zooming out and looking at the structure this can be seen. Now as this trendline is a major reference-point within Bitcoins established structure it is necessary to elevate how Bitcoin proceeds further from here, basically, when Bitcoin manages to bounce further and increase with bullish price action to test the upper boundary of this descending-channel this can lead to further bullish stabilization and a potential breakout incoming otherwise when this does not happen bearish continuation will follow when Bitcoin stays in the current range and also closes below the ascending-trend-line. Therefore, Bitcoin has two main scenarios upcoming of which the bearish has a greater possibility of 65% compared to the bullish with a possibility of 35%.

Taking all these factors into consideration, what is of high importance in this situation is to elevate how Bitcoin proceeds and how it comes up with the final confirmations before finally moving in the right direction. In this case, it is necessary to keep patient and wait for the proper opportunities to come up with as we have also managed within the VIP channel making great profits with the recent bearish declines. Although scenario B has a higher possibility it is important to wait on the confirmation rather than over speculating the market into one-sighted illogical directions as it is seen too often these times. It will be an interesting development ahead.

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