Bitcoin, Trading In Primary Channel, These Are Important Levels!

Jun 22, 2020

Hello Traders Investors And Community, welcome to this update-analysis about the current structure within bitcoin and recent events happened there, as I mentioned in previous analysis bitcoin was trading in a falling triangle which now confirmed to the upside and activated the targets it has in the structure if you did not already saw this analysis I highly recommend that you watch it when going at my account. Although it is within the possible spectrum that bitcoin reaches these targets besides that there are some other technicals signals I discovered, not only on the daily timeframes but also at the lower timeframes which making the direction after the targets reached highly important to keep an eye on for possible opportunities with the upcoming events, therefore, we are looking at the 12-hour timeframe.

In the current situation, bitcoin is forming this huger rising parallel channel which builds below the meaningful 10.000 USD psychological resistance mark where bitcoin already bounced several times to the downside in past history, therefore, this level is and will be an important resistance/support level. For now the triangle bitcoin developed in the lower 4-hour timeframe broke to the upside which means there is a high likelihood given that bitcoin reaches the activated targets within the schedule before showing more signs. The current situation is still a situation bitcoin do not major confirmed in one direction the only change is that it confirmed on the smaller timeframes from 4 to 12-hour the potential to move some higher at the higher timeframes there is still a consolidation range with the further outcome remaining given.

Key-Determination Of Bitcoins Prospective Triangle Confirmed (4-Hour Timeframe):

As bitcoin has significant resistance clusters in the target zones it developed these clusters should not be ignored and you can see them marked with R1 and R2 within my chart when bitcoin visits these clusters it will highly likely confirm them as resistance and provide minimum a smaller correction to test remaining support levels. In this case, the big question is how strong these moves can be and if the support at the lower boundary of the channel can hold substantially or break to the downside, the channel bitcoin is trading in is a key factor for the further bullish continuation and when it does not hold and the lower boundary confirms with high volatility to the downside there where will come more bearish pressure and bitcoin will visit at least some lower levels like the 400-EMA you can see in my chart to test them.

When bitcoin does not confirm the lower boundary bearish to the downside the bullish scenario can be considered in the possible spectrum, in this case, it has to manage some healthy and decent up moves above the lower boundary to stabilize it solidity in order to either consolidate and then go more down or move higher and confirm more bullishness. We will see how these scenarios play out and then act accordingly to the given environment and situation after the triangle targets have been reached accordingly. Therefore it is important to consider the given events as they are and do not get to illogical in order with wild bitcoin predictions where there comes the moon in one and a half weeks because that mannerism which is more conjectural than anything else cant be the fundamental base for a successful trading execution in today's markets.

In this manner, thank you for watching, support for more market insight, and all the best my friends!
Sometimes opportunities are hidden in the modern markets like unmined gold.

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