BITCOIN-WEEKLY, Approach Of Crucial-Zones, Upcoming Scenarios!

10 Sep 2021Hello,

Welcome to this analysis about Bitcoin and the important weekly timeframe perspectives. As Bitcoin in recent times showed up with the heavy bearish breakdowns to the downside not only seeable on the more local perspectives but also on the higher timeframes such as the weekly now looking at there are some pivotal determinations Bitcoin has now developed and formed the structure. in the current phase, it is necessary to look at what Bitcoin will come around with finally before rushing into set conclusions and overspeculating the market into a one-sighted direction, therefore I detected all the important levels, upcoming determinations, and scenario considerations we need to watch out for in the upcoming times.

Looking at my chart we can watch there how Bitcoin has formed these three major ascending-trend-lines marked in black. The first ascending-trend-line was already broken before Bitcoin moved to test the second ascending-trend-line and bounce off the structure which was indicated. These three trendlines determine the strength of the bullish trend, when the first trendline is broken this means bulls have lost momentum and it is an indication that the second trend-line will be reached which happened. When the second trendline is broken to the downside bulls lost more momentum and it is the same as with the first, it is an indication that the third trendline will be reached, for now, Bitcoin is still above the second trendline.

Besides this trendline also formed this descending-channel-formation at which upper-boundary the recent bearish breakdown had its origins as it is well seeable in the chart. With Bitcoin developed now this bearish engulfing candle there is a high possibility given that minimum lower lows will be formed which will then approach this major dynamic ascending-support-zone marked in orange in my chart where several supports coming together such as the price-action-support marked in blue, the second ascending-trend-line and also the 50-MA. With Bitcoin approaching this level a bounce to the upside is likely and should be expected also because Bitcoin formed this pivotal MACD bullish-crossover.

With Bitcoin bouncing in the suggested zone does not mean it is fully out of the woods as Bitcoin needs to hold this level really substantially and does not mark below it because this can also increase bearish pressure in the bearish-continuation-zone, also when Bitcoin holds the level and bounces there is the possibility given that Bitcoin moves further to test the 60000 Usd resistance which will be crucial as it will be the completion of the wave-count and a pullback is likely, after that there is still the second ascending-trend-line which Bitcoin needs to hold and do not break to the downside. These are the main things now and it is inevitable to keep patient and wait for the validations, in any case the bearish perspective should not be underestimated.

In this manner, thank you for watching the analysis, it will be great when you support it with a like, follow and comment for more upcoming market analysis, all the best!

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