Bitcoin, H-S-Formation Completed, Running Into Resistance!

Nov 29, 2020Hi my friends,

Welcome to this analysis about Bitcoin on the 30-minute timeframe perspective, Bitcoin has managed to somewhat recover from the strong bearish moves to the downside and formed little up moves from there, the big question is now if these bullish sightings are sustainable or it is just a setup for more bearish pressure to emerge the next times, therefore I detected all the important levels and likely outcomes we should consider with Bitcoins established structure and the upcoming outcomes to expect.

When looking at my chart you can watch there how Bitcoin completed this important inverse head-and-shoulder-formation marked with the blue neckline and the orange shoulders as well as head, furthermore, Bitcoin manages to move above the major EMAs here and is now holding above the 400-EMA in red which gives an indication that Bitcoin is likely to follow-up with bullish moves and reach the projected upside targets from the confirmed head-and-shoulder-formation, these upside targets lying at 18550 you can watch in my chart marked in orange are not only upside targets but also strong resistance where Bitcoin will possibly not just move through, it is more to consider that Bitcoin firstly shows up with bearish pullbacks when it approaches this level which makes the level a possible short-entry-zone as it is marked in my chart. When such pullbacks show up here Bitcoin will move on with bearishness till there can come a recovery which can happen within the blue level seen in my chart supported by the Fibonaccis, this level is extremely inevitable to hold considering bullishness because Bitcoin will move on with the bearish pace when closing below it.

The upcoming times it will be significant and crucial how Bitcoin reacts within the still remaining resistance here, what is necessary to bear in the mind is that Bitcoin has shown up with these heavy bearish movements to the downside where it is not seldom seen that the market firstly shows up with a new move to the downside that should definitely not underestimated and kept by side here, only when Bitcoin manages to show serious reversal signs the market can be elevated anew till then the bearish perspective are just too strong to not foresee them to continue.

In this manner, thank you for watching the analysis, have a good day and also good trading, all the best!
"Good luck is when opportunity meets preparation."

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