BTCUSD-Market-Status-Update

Oct 2, 2020Hi Traders Investors And Community,

Welcome to this analysis where we are looking at BTCUSD and its 12-hour timeframe perspective. As already mentioned in past analysis BTCUSD had these strong resistance layers still existing higher in the range which now confirmed a second time and pulled bitcoin to test the remaining psychological support at 10.000 USD, now it is important to mark that bitcoin is either bullish nor bearish here as it is trading in a sideways movement and it firstly needs to show up with the proper alignements and the continued outcome, there are however some possible outcomes and further continuation which are likely here, what is important to consider for bitcoin on the middle-to-long-term-perspective is that it is from high importance to wait till the trend has found in the right direction, otherwise we should not overestimate and overspeculate rallies happening because this can prove fatal as it is what smart money operators waiting on these days.

Looking at my chart you can watch there that BTCUSD now confirmed the 100-EMA-resistance marked in grey it has in the structure a second time now and set BTCUSD, this second bounce in the level can be the origin for a further test of the lower support and psychological level of 10.000 USD. When considering the bullish perspective and a recovery here this level is highly crucial to hold because when BTCUSD falls below it this will increase bearish pressure with a high possibility and the current sideways movment could just be a set up to further the next leg to the downside. Therefore when visiting this area again bitcoin needs to bounce otherwise with a definite close below this will put bitcoin to visit the lower levels in the structure and at least the rising blue support line still existing there, the pull back will increase and extend in the red pull-back-extension-zone marked in my chart for a bullish succession it is fundamentally necessary that bitcoin does not visits this area.

Taking all these factors into consideration now, bitcoin is in a situation where it has to find its trend and when this is done there can be further measurements approached. There are coming basically two possible scenarios up with this, the first will show up when bitcoin manages to move above the 100-EMA-resistance sustainably and then also breakout above the upper boundary of this massive descending-channel-formation marked in orange. On the contrary side the bearish perspectives will fulfill when bitcoin moves with a volatile move deisively below the 10.000 USD support mark which will increase the bearishness. For now we need to not overspeculate things and wait on the proper confirmation which is the best option compared to just rushing into trades which do not show up with the preferred outcomes.

In this manner, thank you for watching, good day my friends, and support for more market insight.
"Good luck is when opportunity meets preparation."

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