BTC, Crucial H-S-Formation, Correction Protracts When Completed!

21 Mar 2021

Hello Traders Investors And Community,

Welcome to this analysis about Bitcoin, we are looking at the 6-hour timeframe perspective. Since Bitcoin formed the main bull-traps and pulled back bearishly into previous levels it is mingling in the structure and did not show the proper abilities to determine a complete bullish stabilization and continuation, this is important to notice because the longer Bitcoin tests previous resistances the higher the possibility becomes that these are finally moved apart and Bitcoin sets up for a much heavier and more protracted bearish move, it is not important to keep such volatilities still omnipresent in the market not by side and in this case I discovered a decisive formation Bitcoin is forming which will be the crucial factor in the next times.

Structural Developments:
As when looking at my chart now we can watch there how Bitcoin is about to complete this main head-and-shoulder-formation it developed with the neckline marked in blue, the left shoulder and the head almost already fully completed and now Bitcoin is about to finish the right shoulder which will finalize the whole head-and-shoulder-formation. As Bitcoin already moved into the neckline and testing it will not be that long till the formation finally completes. Such formations have also the ability to break out to the upside however as Bitcoin has also an important double-top in the more local timeframe the bearish breakout is more likely and should be expected.

Upcoming Determinations:
Bitcoin now is in a situation in which it will show up with heavy bearishness once it fully closed below the neckline, what comes together, in this case, is also the double-top-confirmation which will show up together. When Bitcoin completed these developments it will continue with its correction and protract bearishness till there is support found in which stabilization is possible, this can be within the lower-support marked in blue however when this support does not hold and Bitcoin continues with further bearish pressure a continuation will follow below these levels. For now, it is necessary to be prepared for these upcoming volatilities to not get astonished and lie open food for the smart money operators and market makers.

Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and good trading, all the best!
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Information provided is only educational and should not be used to take action in the market.