Hello There,
welcome to my new analysis about BITCOIN on the weekly timeframe perspective. As BITCOIN is facing more and more horizontal resistance within the resistance cluster I already pointed out in previous ideas, the bearish breakdown is imminent. Now, I spotted further signs that will be important to consider within this whole dynamic, which could alter the whole dynamic heavily.
As when looking at my chart, we can watch there how BITCOIN is facing several resistances within the local structure. The resistance cluster formed between the 83000 entails several resistances cumulating within this zone. There is the 100-EMA marked in red from where BITCOIN already pulled back and the 50-EMA in grey from where a pullback is highly likely.
BITCOIN also has the descending upper boundary of the descending triangle formation marked in my chart as resistance. All these factors come together and set up the next bearish wave downward. Nonetheless, in more global term BITCOIN is forming this gigantic descending triangle formation, which is a strong bullish reversal formation with a remaining likelihood to be completed.
For the formation to complete and not invalidate, it is highly important that BITCOIN bounce within the ascending trend line marked in green. If this does not happen, there is the possibility that this formation just invalidates. However, if it does, there is the potential for a big bullish reversal and finalization of the descending triangle formation.
In this regard, the formation will be completed with a breakout above the upper boundary. If the bullish momentum holds on, BITCOIN is likely to follow through with an acceleration of bullishness into the all-time high area. Once this happens, a new bull cycle will start. For now, the remaining bearish supply and upcoming bearish pressure towards the downside should not be underestimated.
In this manner, thank you a lot for watching!
The support is highly appreciated.
VP
welcome to my new analysis about BITCOIN on the weekly timeframe perspective. As BITCOIN is facing more and more horizontal resistance within the resistance cluster I already pointed out in previous ideas, the bearish breakdown is imminent. Now, I spotted further signs that will be important to consider within this whole dynamic, which could alter the whole dynamic heavily.
As when looking at my chart, we can watch there how BITCOIN is facing several resistances within the local structure. The resistance cluster formed between the 83000 entails several resistances cumulating within this zone. There is the 100-EMA marked in red from where BITCOIN already pulled back and the 50-EMA in grey from where a pullback is highly likely.
BITCOIN also has the descending upper boundary of the descending triangle formation marked in my chart as resistance. All these factors come together and set up the next bearish wave downward. Nonetheless, in more global term BITCOIN is forming this gigantic descending triangle formation, which is a strong bullish reversal formation with a remaining likelihood to be completed.
For the formation to complete and not invalidate, it is highly important that BITCOIN bounce within the ascending trend line marked in green. If this does not happen, there is the possibility that this formation just invalidates. However, if it does, there is the potential for a big bullish reversal and finalization of the descending triangle formation.
In this regard, the formation will be completed with a breakout above the upper boundary. If the bullish momentum holds on, BITCOIN is likely to follow through with an acceleration of bullishness into the all-time high area. Once this happens, a new bull cycle will start. For now, the remaining bearish supply and upcoming bearish pressure towards the downside should not be underestimated.
In this manner, thank you a lot for watching!
The support is highly appreciated.
VP
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Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.
►✅JOIN THE BEST+ TOP TELEGRAM TRADING CHANNEL: t.me/VincePrinceForexGoldStocks
►🚀Join Premium Channels: bit.ly/4bUD8N8
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
►🚀Join Premium Channels: bit.ly/4bUD8N8
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.