Bitcoin, Confirmed The Triangle Greatly, Possible Pace Ahead!

2020年7月21日

Hello, Traders Investors And Community, welcome to this update-analysis about bitcoins 4-hour timeframe perspective, the symmetrical triangle, the recent price-action-events, the occurred confirmation and therefore what we can expect the next hours and days. The huge symmetrical triangle which I mentioned bitcoin is build confirmed now greatly with a volatile move and confirmation to the upside, this does not mean bitcoin is one hundred percent bullish now but it definitely has some decent potential when it develops further and builds up to the established momentum gained, therefore, I detected some meaningful signals which can be fulfilled to confirm this overall price-action.

As you can watch in my chart bitcoin confirmed above the 9330 level which was resistance before and is now support with a volatile move before that the breakout occurred with a valid confirmation above the upper boundary of the huge symmetrical triangle leaving a higher low in the triangle. Such movements normally indicate further development in the proper direction when the trend stays strong and no additional reversal signs enter the surface which can invalidate the continuation. Therefore it is significantly important that bitcoin confirms the important support you can see marked in my chart between the 9300 and 9330 levels rightfully to set up for further movement.

The whole structure has currently a more bullish than the bearish edge on the short-term-perspective, this is fundamental to note currently that it is the short-term and not the middle-to-long-term-perspective where bitcoin is still trading in an unconfirmed formation. Furthermore to succeed on the short-term bitcoin has to take out the 9600 level where still a solid resistance lies, when bitcoin confirms this level it has the potential to advance further and the possibility of bullishness on the middle-term increases. We will see how this whole dynamic will play out and if bitcoin manages to get strong enough to catch up the heavy upside movements seen in the altcoin market so far.

In this manner, thank you for watching, support for more market insight, have a great day, and all the best to you!
A extensive mind becomes an extensive fortune.

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