Bitcoin, Established The Breakout, Here Are Next Steps Ahead!

2020年11月11日

Hello Traders Investors And Community,

Bitcoin recently made an important move above the resistance within the structure I mentioned already in previous analysis, now as Bitcoin is above this significant level the conditions have altered and Bitcoin can show up with some solid potentials further in the structure when it moves on with the proper price-action nevertheless there are still some meaningful resistance layers lying also coming into on the higher timeframes which should not be underestimated, therefore I detected the important levels and outcomes we should consider with Bitcoin upcoming times.

When looking at my chart you can watch there Bitcoin now moved above the dynamic-trend-line which was previously resistance is now support, besides that Bitcoin established this huge ascending-channel-formation marked in my chart in blue where it recently tested the middle-line of the channel and formed a pullback from there to test the dynamic-trend-line again, as Bitcoin already has shown up with this price-action we can expect it to go on till the formation as a bull-flag above the line as finally completed, this can happen as it is marked in my chart with a final bounce from the continuation-origin-cluster, when Bitcoin bounces here sustainably with a solid bullish move we can expect it to move forward till it tests upper-levels in the structure which will also complete the wave-count Bitcoin is forming here, this wave-count will end when Bitcoin reaches the upper-boundary within the possible short-entry-zone marked in my chart in red, when Bitcoin pulls back from there and moves on with bearish price-action it will be crucial when Bitcoin finally moves below the lower boundary of the formation as this will implicit continued bearish price-action.

Currently, Bitcoin has some very good potentials to show up with continued bullish volatility and form the major wave 5 that will lead to further conclusions then nevertheless we should not underestimate the resistance layers lying above which will play an important factor in the upcoming developments and it is more likely that Bitcoin firstly shows a pullback there like suggested as directly completely moving above these levels which does not mean Bitcoin will move above them in the future, it will be definitely an interesting journey.

In this manner, thank you, everybody, for watching, have a good day as well as good trading, all the best!
“Prospect is the ingredient of good fortune.”

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