Bitcoin, Why Bearish Alignments May Not Yet Have Ended Already!

19 Apr 2021

Hi,

Welcome to this analysis about Bitcoin, we are looking at the 12-hour timeframe perspective. As mentioned already in previous analysis Bitcoin on the global perspective had to set up sooner or later for a bigger pullback, these bigger pullbacks have now shown up or it is the beginning of it, especially when looking at the volume with which this sell-off occurred it should not be underestimated as it is not seldom seen that after such heavy volatility and volume the market develops further continuation, in such situations, it is important to do not over-speculate into one direction only and see things as they are because market environments keep changing and especially in cryptocurrency where these changes occur swiftly and fastly.

As when looking at my chart we can watch there how Bitcoin fully completed this major ascending-wedge-formation which was the important turning-factor in this whole structure, now Bitcoin remains below the meaningful 65-EMA and below the lower boundary of the wedge-formation which are strong resistances right now and it is not unlikely that Bitcoin pulls back bearishly to the downside when moving into the resistance-cluster marked in red. When this happens and Bitcoin shows up with a bearish pullback below the previous lows this will move Bitcoin to test the lower zones of support from where the market needs to stabilize and back-up otherwise a further continuation is still possible.

In this manner, thank you for watching the analysis and great contentment for everybody supporting, all the best!
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Information provided is only educational and should not be used to take action in the market.