BITCOIN, Develops CRUCIAL BEAR-FLAG, Determining Objections Now!
Diupdate
Good Day Cryptocurrency Community,
Welcome to this pivotal analysis about the Bitcoin situation on the 2-hour timeframe perspectives. Since Bitcoin recently managed to hold the $42,000 area we have seen an initial bounce of $2,600 here with Bitcoin moving into the $44,600 level and confirming as at an important resistance, in fact, Bitcoin still had resistance in this area developed by past price actions. While Bitcoins technological adoption goes forward with the institutional interest growing exponentially since the beginning of 2022 as the SEC filings that mention "Bitcoin" accelerated heavily and other old economy investors such as Warren Buffet investing into Bitcoin-friendly startups there are still increasing regulatory and restrictionary pressures that burden Bitcoin such as governments freezing Bitcoin wallets. In such environment it is necessary to distinguish between the short and long term perspectives. As I already mentioned in posts and on my YouTube channel Bitcoin has still solid fundaments for a bullish destiny on the more long term perspectives however from a short term and trading perspectives it is necessary to zoom in and see where Bitcoin is heading to have a proper trading lineup in the market, in this case I detected the central factors and upcoming determinations that are pivotal now.
As when looking at my chart we can watch there how Bitcoin since bouncing off the $42,000 area Bitcoin moved on into this highly crucial descending resistance line which is marked in red in my chart, besides that Bitcoin has formed this main ascending channel and in this channel tested the $46,600 area from where it now several times pulled back and confirmed this area as a respected resistance. In this case now there is a increased likelihood that Bitcoin completes the ascending channel as a bear flag below the lower boundary as it is seen in my chart from there on a continuation to the $42,055 level is indicated, it is also possible that Bitcoin firstly bounces and makes a new structure high above the $44,750 level before moving into this initial bear flag target zone. Once the initial target zone has been reached it will be highly determining on if Bitcoin holds this level substantially or just sets up for a bearish continuation, in this case, when Bitcoin moves below the $42,200 area this will lead to the wave C extension and Bitcoin reaching out the final bear flag target zone. In any case it is necessary that we keep prepared on upcoming volatilities and shifting dynamics to do not overspeculate the market in this critical phase, it will be an important dynamic ahead.
In this manner, thank you for watching the analysis, 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 markets.
Welcome to this pivotal analysis about the Bitcoin situation on the 2-hour timeframe perspectives. Since Bitcoin recently managed to hold the $42,000 area we have seen an initial bounce of $2,600 here with Bitcoin moving into the $44,600 level and confirming as at an important resistance, in fact, Bitcoin still had resistance in this area developed by past price actions. While Bitcoins technological adoption goes forward with the institutional interest growing exponentially since the beginning of 2022 as the SEC filings that mention "Bitcoin" accelerated heavily and other old economy investors such as Warren Buffet investing into Bitcoin-friendly startups there are still increasing regulatory and restrictionary pressures that burden Bitcoin such as governments freezing Bitcoin wallets. In such environment it is necessary to distinguish between the short and long term perspectives. As I already mentioned in posts and on my YouTube channel Bitcoin has still solid fundaments for a bullish destiny on the more long term perspectives however from a short term and trading perspectives it is necessary to zoom in and see where Bitcoin is heading to have a proper trading lineup in the market, in this case I detected the central factors and upcoming determinations that are pivotal now.
As when looking at my chart we can watch there how Bitcoin since bouncing off the $42,000 area Bitcoin moved on into this highly crucial descending resistance line which is marked in red in my chart, besides that Bitcoin has formed this main ascending channel and in this channel tested the $46,600 area from where it now several times pulled back and confirmed this area as a respected resistance. In this case now there is a increased likelihood that Bitcoin completes the ascending channel as a bear flag below the lower boundary as it is seen in my chart from there on a continuation to the $42,055 level is indicated, it is also possible that Bitcoin firstly bounces and makes a new structure high above the $44,750 level before moving into this initial bear flag target zone. Once the initial target zone has been reached it will be highly determining on if Bitcoin holds this level substantially or just sets up for a bearish continuation, in this case, when Bitcoin moves below the $42,200 area this will lead to the wave C extension and Bitcoin reaching out the final bear flag target zone. In any case it is necessary that we keep prepared on upcoming volatilities and shifting dynamics to do not overspeculate the market in this critical phase, it will be an important dynamic ahead.
In this manner, thank you for watching the analysis, 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 markets.
Komentar
Bear-Flag Completed ✔Komentar
Initial Bear-Flag Target-Zone Reached ✔Komentar
Final Bear-Flag Target-Zone Reached ✔Trading ditutup: target tercapai
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