Bitcoin Weekly Determining Moves Upcoming Next Weeks And Months!

Bitcoin Weekly Determining Moves Upcoming Next Weeks And Months!
BTC/USD COINBASE:BTCUSD
VincePrince

Hi, welcome to this weekly analysis about bitcoins perspective and upcoming destinies. Bitcoin just recently bounced within the back-up-cluster mentioned and formed some healthy up moves within the smaller timeframes as well as on the higher timeframes. The fact that bitcoin also confirmed above the crucial descending-trend-line is playing more into a bullish picture. Furthermore, bitcoin is holding strongly above the supports and when even considering moving below these supports bitcoin will have a hard time doing so. Bitcoin has also held above the established pre-corona highs which where the reference point before the heavy breakdowns seen this year, overall bitcoin has the potential that the pullbacks are already over.

Support And Resistance:

In my chart, you can see that bitcoin is consolidating above important support bases which is once the descending-support-line marked in red, secondly the 60-EMA in green, and also the massive psychological level of 10.000 USD which was previously resistance is now supported. Furthermore the fact that bitcoin bounced in the back-up-cluster previously mentioned by me increases the possibility for a stabilization above this level. There is a smaller probability given that bitcoin rushes below all these levels, this probability however is currently pretty marginal as it is more likely that bitcoin will confirm these levels anew when visiting again.

Channels And Formation:

Firstly bitcoin is moving in this huge ascending-channel-formation marked in blue in my chart where it already touched the lower boundary two times in a row in 2018 and 2020 and confirmed, therefore, the 200-EMA as logical support, what happens in such a consolidation also when looking at the huge size is a second touch of the upper boundary remaining, this is also matching with the overall broadening wedge target as the broadening wedge suggested confirmed properly the upper boundary is matching with its targets marked with the green boxes in my chart. When bitcoin manages to move above the red dashed falling trendline with a successful bullish and volatile move we can expect the upper boundary to be tested.

Outlook:

Since the corona pandemic has established in March this year it was a historical event for markets as such volatility caused by a health crisis has been never seen before the corona increase has shown up, this is why also the landscape of the global market has changed into a more volatile one nearly recovering from the heavy breakdowns where many people said it will never recover again. The fact that bitcoin is trading above the established pre-corona-highs makes it a stronger perspective than before as only a move below these highs can signal substantially weakness, therefore a move to higher levels can be anticipated more than the bearish side at the moment, it will be interesting to watch how this is showing up.

In this manner, thank you for watching, support for more market insight, good day to you, and all the best!
"Anticipation of fortune is, in itself, a very considerable fortune."

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