Bitcoin, Develops Main Wedge-Formation, Upcoming Considerations!

Mar 2, 2021Hello Traders Investors And Community,

Welcome to this analysis about Bitcoin, we are looking at the 12-hour timeframe perspective, the recent events, the established formational structure, and what we can expect in the upcoming times. Bitcoin recent times has shown up with serious bearish declines which are still omnipresent and when Bitcoin does not show up with the right price-action to possibly determine a shifting in the dynamic further pullbacks have the potential to follow, therefore it is necessary to approach the market from the right angle and do not unnecessarily overspeculate it into a one-sighted direction, in this case, I detected all the important levels and likely destinies we should consider within Bitcoin established structure and upcoming movements.

Strucural Developments:
As when looking at my chart we can watch there that Bitcoin is globally trading within this huge ascending-channel marked in my chart with the dashed grey trend-lines, on the more local perspective Bitcoin is now forming also this potential descending-wedge-formation marked in blue with the coherent wave-count within the formation already completing waves A to B mainly and now setting up to form the wave C, the determination of the wave C will be extremely crucial as it will test highly important levels of support determined by the back-up-cluster marked in blue and consisting of several different supports within this structure like the lower-boundary of the channel, the 120-EMA in red and the support which was previously resistance.

Upcoming Determinations:
Bitcoin now is in a situation where it needs to decide within the next times if it has the right abilities to properly manage such a potential breakout and wedge-confirmation like it is shown within my chart, otherwise, when this does not happen and Bitcoin increases with bearish pressure further such a price-action will invalidate the whole formation and continue bearishly within the bearish-continuation-zone marked in red in my chart. For now, these possibilities need to be waged and it is of utmost importance to not just rush into the market in trades that do not satisfy, it is always necessary to first determine the proper validations before taking adaptive action as we have also managed within the channel, it will be an interesting journey ahead.

Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and good 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 market.