Bitcoin, Flag-Formation, Ready To Jump Above 50.000 USD!!!

2021年2月14日

Hello Traders Investors And Community,

Welcome to this analysis about Bitcoin, we are looking at the hourly timeframe perspectives. In the last days and weeks, we have seen a big upthrust within the cryptocurrency market, as the trading volume in January was nearly 3x times its all-time-high seen back in the bull-market in 2017, besides that we had strong bullish news about Tesla moving into the market and other important players like Twitter want to follow now, this is indicating the institutional interest is growing, now on the technical side of things I have detected an interesting formation that has the ability to move Bitcoin above the historical 50.000 USD mark which can hold as solid support when Bitcoin manages to mark above.

Structural Developments:
As when looking at my chart now we can watch there how Bitcoin has now formed this descending-channel-formation marked in blue within my chart and with the coherent ABC-wave-count almost already completed in the schedule, when Bitcoin now manages to bounce above the upper-boundary with a decisive volatile bullish move to the upside and stays above the upper-boundary to confirm it as support this will lie ground for the ascending-channel to complete as a bull-flag and activate upside-targets ahead above the upper-boundary where the major wave C within the upside-wave-count will develop as it is shown within my chart, in this case, it is of high importance that Bitcoin does not fall below the ascending trend-lines, however, this is not a likely scenario.

Upcoming Determinations:
Taking these factors into consideration Bitcoin has developed a strong formation that can lead to a more protracted bullishness ahead of upcoming times and as formerly detected Bitcoin already bounced within the local level and confirmed scenario 1 which was mentioned. Now, this is lying ground for a great continuation and it will be seen how it develops further. The 50.000 USD-mark will be a great milestone in Bitcoin history as it is also an important psychological level similarly to the 10.000 USD and can hold as strong support when Bitcoin manages to move above it, it will be shown how this dynamic then develops further, now it is important to elevate the breakout before moving rightly finally into this direction.

In this manner, thank you for watching the analysis, many thanks for everybody supporting, have a good time and trading, all the best!
"Good luck is when opportunity meets preparation."

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