Welcome to this analysis about Bitcoin , we are looking at the 4-hour timeframe perspectives. In the recent days and weeks, Bitcoin moved into a more protracted consolidational and accumulational range on lower timeframe perspectives as the 4-day timeframe. It was always shown in historical price-data that after such a movement of decreasing and decreasing a breakout either to the up or downside occurred with the accelerating , spread and , it is important to consider that this is also likely to happen with Bitcoin here as the price-action can not go on forever in such a low range. In this case now I discovered important signs that indicate an upside-breakout incoming within the next time.
Channel, Moving Average And Range Structure:
When looking at my chart now we can watch there how Bitcoin formed two important channels here, the first is this massive global ascending-channel-formation and the second is this faster moving ascending-channel which resulted out of the breakout above the upper-boundary of the massive ascending-channel. These two channels building exactly one intersection which also the 90-EMA marked in blue crossed and Bitcoin bounced exactly in this intersection of the ascending-channels and the 90-EMA, within this bounce Bitcoin showed up with this initial high move to test the main resistance at 36600. This is a very considerable structure for an initial bottom here as the bounce from the intersection level determines strong support in this zone.
Oscillator Development With The Historical Low Momentum And RSI:
With considering the indicators such as the it is also good to look at the perspective as there it is marked that the momentum recently reached an all-time-low and is consolidating in this range, the interesting thing is that the momentum on the lower timeframe 4-days perspective already increased and appoints the 0 levels giving an indication that this can also follow on the . Besides that the is now consolidating since a longer time below the 20 value on the perspective whereas the 4-day already moved on and increased. These developments on the oscillator side also support the scenario of a upside-range-breakout coming up in the future.
Upcoming Perspectives And What Can Be Expected:
When approaching the market out of a perspective it is always necessary to properly wage the possibilities and different technical factors to come up with scenarios that are possible and others that are less possible. In this case there is a higher possibility given for Bitcoin to emerge with a breakout and testing of previous resistance firstly than a complete continuation to the downside because the supports above which Bitcoin is still holding are just to omnipresent together with the other technical factors such as the tightening MAs which happens above the given supports indicate the upside-breakout to take place more likely compared to the one.
In this manner, thank you for watching my analysis, have a good day, will be great when you support it with a like and follow or comment, all the best!
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Information provided is only educational and should not be used to take action in the markets.