Hello Traders Investors And Community,
Welcome to this analysis about Bitcoin , we are looking at the 2-hour timeframe perspective. Bitcoin recently has shown up with strong downside volatility as it rejected almost exactly within the upper-boundary of the ascending-channel that it is forming also on the weekly timeframe that I mentioned recently, now as this initial bearish pace established here it is important to do not keep this perspective by side as it is not seldom that the market follows up with further declines, the big upcoming question will be if Bitcoin manages to recover from these pullbacks or firstly moves on with the bearishness into a more protracted continuation to the downside, in this case I discovered the meaningful levels and likely destinies of Bitcoin we should consider now.
As when looking at my chart we can watch there Bitcoin is currently about to test the remaining resistance-zones determined by local Fibonacci-resistance and also the descending-resistance-line marked in my chart in red, Bitcoin already rejected within the lower timeframes within this level and we can expect the pullbacks to increase from this point on as this is more likely than Bitcoin right away moving above this level. When Bitcoin then finally moves below the 25-EMA marked in my chart in grey this will lead to a continuation till the lower supports are reached which will be extremely crucial as Bitcoin needs to hold them to consider any sufficient bullish recovery within the structure otherwise when moving below this will lead to a C-wave-extension and increasing of bearish pressure as Bitcoin will be below several bullish reference-points.
The next time it will be telling how Bitcoin furthers in this structure and especially how it reacts when moving into the important support-zones that need to be held sustainably for a bullish continuation and testing of upper zones anew. Therefore it is necessary to keep patient and elevate how Bitcoin develops further than to overspeculate the market and rush into trades that do not satisfy as this is seen too often these days just giving ground for the market makers and smart money operators pushing prices up and down, therefore it is indispensable to realize the changes within the market when they occur to do not get overwhelmed by circumstances, we will see now how Bitcoin manages a possible recovery here and how it will prospect under the given circumstances, it will be an interesting development.
In this manner, thank you for watching the analysis, have a great upcoming Happy New Year's Eve, many thanks for all people supporting this year, all the best!
"Prospect is the ingredient of good fortune."
Information provided is only educational and should not be used to take action in the markets.
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Daily Crypto Calendar, Dec 29th
- KardiaChain (KAI)
Mainnet 1.0
"Join our journey towards an accessible blockchain for millions | Save the date 29th Dec 2020"
- Blockstack (STX)
Binance China
Muneeb Ali to have a live AMA on BINANCE China.
- XIO (XIO)
Potential Tokens Reveal
"... The Q1 2021 Token Reveal date is moving from December 22nd to December 29th."
- Veros (VRS)
Uniswap V2 Listing
"VRS/USDT listing on UNISWAP V2! Soon DECEMBER 29, 2020
- CREDITS (CS)
Bitfinex Delisting
Trading and deposits for CS will cease by 9/12/20 at 11:00 AM UTC, while withdrawals will remain open until 29/12/20 at 11:00 AM UTC.
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