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How BITCOIN Is Setting Up For A Even BIGGER BREAKOUT! for BYBIT:BTCUSD by VincePrince

Hello,

Welcome to this analysis about Bitcoin and the daily timeframe perspectives. As already mentioned previously Bitcoin is about to complete this potential inverse head-shoulder-formation in the structure with the left shoulder and the head already completed. The recent bullish volatility bounce to the upside has shown how fast the market can increase with volatility and move in an accelerated manner. It was also a great opportunity for us to profit on the long-side, now after these events, the further determinations are highly pivotal for Bitcoin here, therefore I discovered all the important levels, structural formations and upcoming determinations we need to consider with Bitcoins established movement.

As when looking at my chart now we can watch there the key developments Bitcoin is forming in this whole structure, firstly important are the massive ascending-channel-formation together with the descending-channel building this range in which Bitcoin is trading now. In this range, we can see the head-and-shoulder-neckline Bitcoin has at the 48200 Usd marked in grey and below this neckline the actual formation forming with the left shoulder and head completed. Now as Bitcoin has still strong resistance within this 48200 Usd level a pullback off this area is highly likely and when this happens it ha good potential to be the leading factor in the finalization of the h-s-formation with the right shoulder.

In this case, Bitcoin needs to bounce within the 44750 Usd level to complete the right shoulder and after that the whole formation. Also positively here is the oscillator side of things, as the MACD has formed this main bullish crossover recently which gives a central bullish valuation to this whole dynamic. Besides that, the RSI also formed this descending-wedge-formation and completed it recently with the breakout to the upside adding to the bullish indications for Bitcoin here. Therefore, in the next times, it will be important how Bitcoin manages to finalize the inverse h-s-formation and do not show up with serious signs that can invalidate the formation, when this happens a breakout into the bullish-continuation-zone has good possibilities.

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!
“There are many roads to prosperity, but one must be taken.”


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

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