BITCOIN, Potential BULL-FLAG, These Are Important Levels!

Oct 9, 2021

Hello,

Welcome to this analysis about Bitcoin and the 2-hour timeframe perspectives. In recent times Bitcoin heavily developed bullishness to the upside and moved into important resistance zones, there is still an underlying demand dynamic in the market, and in this case, now I discovered the main formation Bitcoin is forming here which will be a decisive factor in the upcoming times, especially when it properly completes. Therefore as when looking at my chart, we can watch there how Bitcoin has developed this main ascending-channel-formation marked with the blue boundaries, within this channel Bitcoin has a coherent wave-count with the waves A to C already completed. Currently, Bitcoin is about to form the wave D in the structure on which the wave E will follow that completes the whole wave-count. In this case, it will be important on how Bitcoin approaches the confirmational-bounce-cluster marked in orange in my chart, when there comes a solid bounce to the upside this will be the likely origin of the completion of this whole bull-flag-formation which will be finalized with the breakout above. Bitcoin will then firstly appoint the 59450 level and test it, when the demand can hold on further there is the potential for a bullish continuation above this level. For now, it will be highly important on how this formation completes, remember that it can also be invalidated when Bitcoin breaks down below the supports, therefore we should keep patient and wait for the final validation.

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