Bitcoin, More Likely To Confirm To The Upside On The Short-Term!

Hello Traders Investors And Community And welcome to this update-analysis where we are looking on recent events, the current price-structure and what we can examine in bitcoin the next days and hours. As I mentioned in past analysis bitcoin was expected to provide a sideways movement and after that confirm the further motion according to the situation, this sideway price-action confirmed now and as bitcoin was on the verge to confirm either bearish or bullish as it was in a range in which both breakouts where possible which is still the case but bitcoin added some factors and signals which making the bullish breakout scenario more likely therefore we are looking at the 4-hour local timeframe.

Initial Analysis According The Subject (4-Hour Timeframe):

As you can see in my chart bitcoin consolidated and confirmed the important POINT OF CONTROL level we have in this structure at the 9500 USD level decently to the upside after touching it and piercing the local resistance we had below it to bounce back with a volatile move to the upside. This move was actually a good sign which increased the bullish scenario because to confirm bearishly we had to trade sustainable below the POINT OF CONTROL level as already mentioned. This case was not given therefore although bitcoin is still in a consolidation range this move increased the bullish scenario which will be fulfilled when we cross the huge resistance we have at 9890 to the upside.

Now when we confirm the at the moment more likely bullish scenario and cross above the still remaining locals-resistance to the upside this will cause a bullish move within a high likelihood spectrum but it is important to remember that we have strong resistance levels there from 10.000 to 10.600 as I already pointed out in analysis about the higher timeframes. Therefore the big question will be if the channel in which we are trading is an uptrend channel or actually a bear-flag which can happen when we confirm the range between 10.000 and 10.600 bearish similarly as we have seen it with bitcoin in the past reaching that level. This bearish scenario can confirm when we cross the lower boundary of the channel to the downside and it will actually match with the rising wedge formation I mentioned we have on the higher timeframes.

Although bitcoin is stabilizing and trading above the POINT OF CONTROL this will be a huge test and will show how bitcoins reacts in this range there is a high possibility given that the huge resistance confirms bearish and moves on to develop the rising wedge scenario bitcoin is showing on the daily timeframe, in this case we should be prepared on possible bearishness entering the market. The incoming breakout can be traded aggressively with an immediate entry or conservative after bitcoin takes out the important locals-resistance to aim the upside targets at 10.200 to 10.300 although the conservative approach is better here traders should decide on individual risk and profit-preferences. After the more likely bullish short-term scenario has played out we need to elevate and consider the changing circumstances again.

In this manner thank you everybody for watching, support for more market insight, have a great day and all the best!

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

Comment:

Bitcoin trades the 7th day in comparison on very low volatility. That can indicate a shift in price soon.

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Currently the whole other cryptocurrency-market-landscape is in a consolidational phase where it has to decide the further outcome.

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Bitcon provided some decent volatility in its channel which pierced the upper resistance line

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When bitcoin crosses above this line it has some decent potential to move higher in the short-term.

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ANALYSIS UPDATE: BITCOIN formed great bullish strength above the support in the point of control till a final breakout above the upper resistance followed through.

Since then BITCOIN expanded into the bullish expansion zone as projected.