Welcome to this analysis about Bitcoin , we are looking at the 6-hour timeframe perspective, the recent events, the established formational structure, and what we can expect in the upcoming times. Since Bitcoin has shown up with serious bearishness to the downside it is in a state where it not yet has shown any final reversal confirmation with proper continuations, in this case, I discovered a decisive formational structure Bitcoin is forming now that will be worthwhile in the upcoming determinations, therefore I detected all the important levels and likely destinies we should consider within Bitcoins established structure and upcoming movements ahead in the next times.
As when looking at my chart now we can watch there Bitcoin is forming this major descending-channel-formation marked in blue, furthermore, Bitcoin has the coherent wave-count within the formation already completing the waves A to B in the structure with the wave B ending within the upper-boundary-resistance from where a pullback to the downside has shown up which is now about to develop the wave C in the schedule that will finalize the whole wave-count, this wave C will run directly into the lower back-up-cluster marked in blue in my chart where several supports coming together and building this coherent cluster from where a bounce to the upside is highly likely.
Taking all these factors into consideration Bitcoin is in a situation where it has developed this decisive channel and it will be shown the next times how Bitcoin can possibly manage to complete the wave-count within and from there on build-up bullishly to determine a proper breakout with continuations ahead, this will happen when Bitcoin finally closes above the upper-boundary as it is marked in my chart, therefore it is highly necessary that Bitcoin holds the back-up-cluster sustainably and do not falls below it again because this can also potentially invalidate the formation again, for now, it will be necessary to elevate how Bitcoin continues with these circumstances before moving into the final direction.
Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and good trading, all the best!
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Information provided is only educational and should not be used to take action in the market.