BITCOIN, Forms Dedicated Bull-Pennant, Breakout Incoming!

5 Ağu 2021Hello,

Welcome to this analysis about Bitcoin, we are looking at the 4-hour timeframe perspectives. Bitcoin in recent times has shown up with heavy increased bullish determinations to the upside as short-liquidations took place as well as a Sign-Of-Strength emerged planned by smart money operators to take advantage of the situation. Now as Bitcoin has shown up with these important developments it firstly pulled back in the structure moving to previous support-zones and testing them for occasional support to build upon and stabilize in the range. In this case, now I discovered a very interesting formation that has the ability to show up with greatly increased volatility determinations when the proper price-actions settle.

Structural Developments:
As when looking at my chart now we can watch there how Bitcoin just recently approached the main support-zone in the structure marked in my chart in blue, this is a zone where the major 38.2% Fibonacci-retracement is staying forming substantial support together with the 100-EMA in red. As Bitcoin already tested this support once and bounced to do this exactly anew, with the second bounce Bitcoin now has the ability to complete the key formation forming in this structure. This formation is a descending-bull-pennant marked in my chart with the black boundaries and the coherent wave-count within the formation with the pivotal waves A to C already completed and with the wave C approached and bounced in the structure support.

Upcoming Determinations:
Taking all these factors into the consideration now Bitcoin is in a situation in which it has developed this solid formation. This descending-bull-pennant-formation finally completes and confirmes with a bounce above the upper-boundary of the formation as it is marked in my chart and as Bitcoin already increased bullishness in the structure this breakout has an increased likelihood to emerge in the near future. Once the formation has completed with the suggested bounce above the boundary Bitcoin will activate the target-zone and the further continuations to the upside incoming, in this case, the activated target-zone is 46000 to 47000 and once this zone has been reached the situation needs to be elevated anew as the wave-count will be also completed.

In this manner, thank you for watching my update-analysis about BITCOIN and the major descending-bull-pennant-formation likely to complete in the next times and upcoming determinations to consider, support the analysis with a like and follow or comment for more market insight!

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