Bitcoin, Established Ascending-Channel, Potential Scenarios!

2021年3月17日

Hello Traders Investors And Community,

Welcome to this analysis about Bitcoin, we are looking at the hourly timeframe perspective, the recent events, the established formational structure and what to expect in the upcoming times. Bitcoin since showing up with heavy exaggerated bearishness to the downside somewhat managed to recover within the structure, this recovery however is not yet fully sustainable and Bitcoin did not manged a full reversal yet, in this case I discovered the underlying formation and what scenarios are possible, therefore it is inevitably necessary to properly elevate the directions and wait on the right validations before finally moving into the direction, therefore I detected all the important levels and likely destinies we should consider.

Structural Developments:
As when looking at my chart now we can watch there how Bitcoin has now established this main ascending-channel-formation marked in my chart with the blue boundaries, within this formation Bitcoin has developed the coherent wave-count already completed the main wave A in the structure, as Bitcoin is now approaching the upper-boundary that is still a serious resistance it is likely that Bitcoin pulls back from this zone, such a price-action will be the origin of the major wave B to move on in the schedule, this wave B will run directly into the lower back-up-cluster marked in blue where several supports lying and therefore likely to show up with the final wave C that will complete the whole wave-count.

Upcoming Determinations:
Taking all these factors into consideration Bitcoin is in a situation where it will show up with the crucial decisions once the wave-count completed, there are two possible scenarios to consider, once is when Bitcoin manages to bounce within the lower support to the upside and possibly form a breakout above the upper-boundary to continue with a wave-C-extension, otherwise when this does not happen and Bitcoin increases with bearishness further this will lead to a bearish continuation and confirmation of the formation as a bear-flag when Bitcoin moves below the lower-boundary, currently the bear-flag-scenario has a higher possibility and these are the two scenarios important to watch out the next times.

Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and good trading, 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 market.