Welcome to this update-analysis about Bitcoin and the 2-hour timeframe perspectives. The roadmap to a new all-time-high that I mentioned in the origin-analysis was now successfully fulfilled and Bitcoin made the new all-time-high as expected, if you did not see these analyses already I highly recommend them to watch to have a full-depth-overview. In recent times we saw institutional interest in Bitcoin heavily increasing especially as the very first Bitcoin ETF was approved by the SEC which makes Bitcoin tradable for the masses, because of this we have seen this massive pump in the structure with Bitcoin almost exploding into a new all-time-high increasing paramountly with spread and . Now as this new all-time-high developed there are important considerations that I discovered which will be meaningful in the next times for Bitcoins development.
When looking at my chart we can watch there how Bitcoin moved into the new all-time-high region and after that firstly rejected in the structure which is a pivotal reaction of the market as people who had long positions open took profit in this region and in this case the pullback was expected and emerged. In this structure as I detected Bitcoin is forming now this major head-and-shoulder-formation with the left shoulder and the head already completed, the right shoulder is about to complete in the near future which will finalize this whole formation when Bitcoin moves below the neckline. When this happens the head-shoulder-target-zone marked in my chart in blue will be activated in which Bitcoin will have the ability to stabilize and back-up again, when Bitcoin manages to do so there will be potential for a continuation when Bitcoin manages to increase demand sustainably and finally move on with this further in the all-time-high region, for now, we should not keep the correction from the desk to properly prepare on those scenarios as it should be, it will be an important development ahead.
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Information provided is only educational and should not be used to take action in the markets.
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