Bitcoin, Bearish Moves As Expected, Major Tests Incoming Next!

11 Ara 2020

Hi my friends,

Welcome to this update-analysis about Bitcoin, we are looking like within the origin-analysis on the 6-hour timeframe perspective, the recent events, the novel established structure, what we can expect the next times, and hot to possibly handle upcoming situations in a sophisticated manner. As mentioned in the previous analysis Bitcoin was likely to show bearish breakdowns and protracted continuation when moving below the middle-line and the EMA-structure, this is what happened now and Bitcoin showed up with strong bearish volatility to the downside moving into the prospected decisive zone where Bitcoin is trading now and which is a crucial factor in these developments, if you did not see this analysis already I highly recommend to watch it to have a full-depth-overview, this analysis is building a coherent follow-up to the previous one, therefore, I detected all the important levels and likely outcomes we should consider with Bitcoins established structure and the upcoming perspectives.

As when looking at my chart we can watch there Bitcoin now moved on with the bearishness almost near the lower-boundary of its ascending-channel-formation marked in blue where it now showed some moves to the upside in the structure nevertheless these marginal bullish moves are very weak and they are running directly into resistance as the 55- as well as 45-EMA already confirmed bearishly, this can happen also the next times as Bitcoin is moving into the strong resistance-cluster marked in my chart in red where Bitcoin not only has the horizontal resistance but also the EMAs as resistance, taking this into consideration a bearish pullback will highly likely emerge when Bitcoin moves into this strong resistance, this pullback will move on to test the lower boundary of the channel and this will be the crucial part within this whole circumstances actually because when Bitcoin moves below the lower-boundary and closes there bearish pressure will increase and Bitcoin will move on further to fully complete the double-top as it is marked in my chart.

At the moment the bearish scenarios can not be kept by side and underestimated here as the bearish signs are just to strong especially when looking on the global economic situation it holds true that a strengthening of the US-Dollar can increase the bearish pace in known assets like Bitcoin or Cryptocurrency which are anticyclical to the US-Dollar and besides that more measurements from global governments against the corona increase can lead to more damage firstly within the real economy and then also to important assets like we have seen it within march this year where Bitcoin and Cryptocurrency showed up with the sharp declines similarly to stocks after lockdowns emerged in a vast majority of countries, this faith can similarly lead to bearish mechanism also in the current situation and it is necessary to keep an eye on this to do not get overwhelmed by circumstances. Together with the technicals, these are the factors we should contemplate the next time to assess the market in the right manner and do not overspeculate it into one direction as it is seen too often these days.

In this manner, thank you for watching the analysis, have a great day and weekend, all the best!
"The high destiny of the market is to explicate, rather than to speculate."

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

11 Ara 2020

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Origin-Analysis: