Bitcoin, Channel Breakout, These Scenarios To Consider Now!

Feb 7, 2021

Hello Traders Investors And Community,

Welcome to this analysis about Bitcoin, we are looking at the 4-hour timeframe perspective, the recent events, the established structure, and what we can expect in the upcoming times. The last time's Bitcoin has shown up with a strong channel-breakout with increased volatility to the upside with which it recently already tested the remaining upper resistance-zone, besides that, I discovered a decisive formation Bitcoin is forming now that will lie ground for further determinations, in this case, it is highly important that we keep patient for the right validations to show up, therefore I detected all the important levels and likely outcomes we should consider with the established structure and upcoming destinies.

Structural Developments:
As when looking at my chart we can watch there how Bitcoin has now formed the breakout and moved into the upper resistance-zone from where it now is establishing this important head-and-shoulder-formation marked in my chart with the blue neckline, such formations can either break out either to the up or downside and therefore it is important to assess the other factors in the structure. Bitcoin, in this case, will show up with further conclusions next times when the right shoulder has been formed which will complete the whole head-and-shoulder-formation as the left shoulder and the head already formed and for now the bearish scenario has a greater possibility to confirm as it is shown in my chart.

Upcoming Determinations:
Taking all these factors into consideration Bitcoin has developed a strong breakout and is now adjusting further, in this case, the two scenarios are given with the scenario B more likely however either one of these scenarios will show up with a potential bullish stabilization that manages to break out above the upper-resistance marked in orange in my chart, when Bitcoin manages this it will lie ground for continuation nevertheless it is of utmost importance to wait for the right confirmations to show up in the schedule before just rushing into trades that do not satisfy in the end as it is just what the market makers and smart money operators these days are waiting for, it will be an interesting development ahead.

In this manner, thank you for watching the analysis and for everybody supporting it is great contentment, have a good day and trading!
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Information provided is only educational and should not be used to take action in the markets.