After Long Sideway-Market, Bitcoin Confirmed Outside The Wedge!

8 May 2020

Hello, Traders Investors And Community, welcome to this important bitcoin update-analysis, the last time we saw one possible scenario which I mentioned and how bitcoin could proceed which exactly confirmed now, bitcoin made a fundamental step in taking out the long side-ways-market trend-line which exceeded 315 days. The currently moving market is faster as expected which can indicate bullishness but also need to remind us of a possible reversal. I recommend that you watch the analysis where I mentioned the huge broadening wedge in which we traded and which bitcoin confirmed now, you can see and read it when going to my account and look at it, it will be useful to have a full-depth-overview.

After we had a second test of the upper boundary falling trend-line bitcoin finally gone through it with high volatility, this is usually a bullish sign but be aware there will come minimum a correction sooner or later as the market becomes overbought at the moment. As you can see when looking at my chart we have an important support/resistance line above the current price-action between 10200 and 10600 this is an important price-mark which shouldn't be ignored because we bounced several times in there also it is the meaningful psychological 10.000 which is a price-level where still supply, bigger or smaller can enter the market and pushing bitcoin down at least to test the remaining support-levels.

As you can see in my chart we can expect the correction to occur after we touched the yet resistance-level there is a higher possibility that we will at least test the falling trend-line for validation like you can see it in my chart. After this, we can move higher, as you can remember I mentioned the broadening wedge which is technically confirmed now and the target is between 12660 and 13700 which you can see in my chart, there is a high possibility within the schedule that we will reach this target within 2020. Note that we just finished a long-time sideways market of 315 days, therefore the confirmation above the falling trend-line serves as an important reference point for further volatility.

What we need to keep in mind also when looking at the current structure and indicator formation is the 200-EMA and the 400-EMA which you see in the chart in blue and orange, the two are coming nearer and it is possible that we will get a bullish cross-over, the last time we have seen such a cross-over was at the 13 th June, after that date bitcoin made a higher volatile bullish move originating from 7980 and finally forming the higher high at 13815. Because of that fact, the bullish cross-over will be a consequential sign for reassessing further movement. Now mix all these signs together we can expect bitcoin to make a correction before possibly moving higher to get the broadening wedge-target.

Great, this should give you a good overview of the current situation note that we have to take out the proper resistance with a decent consolidation to move higher! The confirmation was also what I wanted to see for bitcoin to confirm the further trend as I mentioned we cant proceed accordingly and be sophisticated after we have the right information, it is always the most logical market-approach and what we should always keep in mind to wait for the proper confirmation and then trade the highest possible scenarios not take action in the markets of pure guessing, it shows one more time that we need to trade what we see not what we think or speculate which happens too increasingly often in today's environment.

Thanks for watching, Support for more market insight and all the best!
All progress takes place outside the usual expectation.
In this manner: FAREWELL

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