Bitcoin, Wedge-Formation, Potential Origin Of A Solid Breakout!

Hello Traders Investors And Community,

Welcome to this analysis about Bitcoin, we are looking at the local 6-hour timeframe perspective, the recent events, the established formational structure, and what we can expect in the upcoming times. Since Bitcoin somewhat a little too early recovered from its bearish breakdowns it moved on to test upper resistance in which it is now mingling in the structure. In this case, now I discovered an interesting formation that can lie ground for a potential breakout and final attempts above remaining levels, therefore it is necessary for the confirmations and validations to show up before considering the direction sufficient, therefore, I detected all the important levels and likely destinies we should consider.

As when looking at my chart now we can watch there how Bitcoin is about to develop this main descending-wedge-formation marked with the boundaries in blue, within this wedge Bitcoin has the wave-count emerged with waves A and B almost completed and as Bitcoin recently pulled back from the upper-boundary already this is the origin of the wave C to the downside that will complete the whole wave-count and will run directly into this back-up-cluster marked in my chart in blue where several supports coming together and therefore has a high likelihood to show up with a bullish bounce that can convert into a breakout and completion of the triangle when Bitcoin finally bounces above the upper boundary and closes there, such a price-action as shown in my chart will activate the further continuations, developments, and the main wave C within the schedule. Nevertheless, it is highly important that Bitcoin shows up with the right price-actions and do not fall below the lower back-up-cluster with the supports lying within there because this will invalidate the whole formation, for now, it will be important on how Bitcoin approaches these zones, it will be an interesting development.

Thank you everybody for watching the analysis, great contentment for everybody supporting, all the best!
"There are many roads to prosperity, but one must be taken."

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