as already mentioned in previous analysis Bitcoin is building a main global decisive diamond-bottom-formation with the first half of the formation already completed and now Bitcoin is about to develop the second half. If you did not see this analysis already I highly recommend it to watch to have a full-depth-overview because this analysis is building a coherent follow-up to the wave B development and the local perspectives Bitcoin is forming in this determining diamond-bottom-formation. Therefore I detected all the important levels, formational structures and upcoming determinations we should consider with Bitcoins local diamond-bottom-formation likely to be the origin of the global wave B.
As when looking at my chart now we can watch there the local diamond-bottom-formation marked in orange. This formation developed below the 100-EMA in the structure and severely moved on to test the . Furthermore the global as well as the local diamond-bottom-formations forming the main ascending-support-line within the left lower boundary of the formations where Bitcoin bounced several times to move on with the local diamond-bottom-formation wave-count. As for now Bitcoin already finished the left first half of the formation and is now about to complete the right second half and is now testing the inflection-point of both formations at 32500 which is a good origin for a bounce to finalize the local formation.
When Bitcoin manages to substantially bounce within this decisive inflection-point marked in my chart in blue this has a great potential to move on with further bullishness and bounce above the right upper-boundary of the local diamond-bottom-formation, such a price-action will complete the local diamond-bottom-formation bullishly to the upside and will move on with the further continuations. As already mentioned the wave B has the potentials to travel to the 37735-39735 level which is marked in my chart in red, once this level is reached Bitcoin will continue further with the wave count and development of wave C in the structure to finalize the whole diamond-bottom-structure.
For now, it is necessary to keep patient and do not rush into trades that do not satisfy. Especially in such times where shorts continuously increasing it is better to look at how the market develops and more importantly to wait for the right confirmations, history has always shown in Bitcoin as well as other asset classes that after such a phase comes a phase with increased . From a trading perspective, it is better to keep patient on the right confirmations or to take advantage of potential lower price swings in the local structures which is not the best way for everybody. Therefore it will be shown how Bitcoin develops here especially once a breakout of the local diamond-bottom-formation can emerge it will be an important journey.
In this manner, thank you for watching my analysis, great when you support it with a like and follow or comment, all the best!
Information provided is only educational and should not be used to take action in the markets.
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