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BITCOIN, MAJOR Descending-Channel BREAKOUT EMERGED! for BYBIT:BTCUSD by VincePrince

Hello,

Welcome to this analysis about Bitcoin , we are looking at the daily timeframe perspectives. In recent times Bitcoin has shown up with a heavy bullish volatility development to the upside inclusively caused by several technological advancements in the Bitcoin field such as classical economy providers launching more and more into Bitcoin and Cryptocurrency or the establishments in El Salvador adopting Bitcoin as well as Twitter launching the Bitcoin Lightning Network Tipping Feature. Also, the institutional inflow for Bitcoin heavily increased in September to a level last seen in May of this year. All these events lying the fundament for the advancement of Bitcoins bullish price-actions of which we have seen the result now with this major bullish increase. Therefore I discovered all the important levels, structural formations, and upcoming determinations we need to consider with Bitcoin in its established structure and the upcoming movements.

As when looking at my chart we can watch there how Bitcoin has formed this major massive descending-channel-formation and this descending-channel-formation was recently completed with a bullish breakout to the upside therefore it is the appropriate origin for further increasing bullish volatility and testing of upper resistances. Now in this structure Bitcoin has this great support-cluster marked in my chart in the blue level where several supports coming together such as the EMAs, the horizontal supports, and the ascending-channel, therefore it will be likely that when Bitcoin tests this level in the near future as it is marked in my chart a bounce off this level will emerge from where on Bitcoin continues with the wave C in its wave-count-development and tests the upper remaining resistance marked in my chart in red, when Bitcoin manages to move above this level sustainably this will lead to the further continuations.

In this manner, thank you for watching the analysis, it will be great when you support it with a like, follow and comment for more upcoming market analysis, all the best!
“Good fortune is when opportunity meets preparation.”


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

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