Hello,

Welcome to this analysis about Bitcoin and the 12-hour timeframe perspectives. In recent times Bitcoin managed to complete the main broadening-wedge-bottoming-formation and already reach out the further target-zones, if you did not see this analysis already I highly recommend it to watch and because of this I am linking the analysis in this idea. Besides that Bitcoin now recently managed to setup on the upper boundary of the broadening-wedge-bottoming-formation and bounce from this boundary as also seen in the analysis. Now as Bitcoin moved on with these great volatility determinations I detected further important determinations that Bitcoin is forming here, therefore I am explicating the crucial structural formations, upcoming determinations and what are potentials in the upcoming times.

Bitcoin Major Double-Bottom-Formation And Its Potentials:
As shown in my chart Bitcoin now recently increased with these huge volatility spikes and moved above the main descending-resistance-line marked in black which is now important support, besides that Bitcoin has pivotal supports in this area together with the 20-EMA and 100-EMA marked in my chart. What is important here is to look on where Bitcoin came from and as shown in my chart this is a great initial double bottom formation with the first and second bottom completed from where it showed up with great volatilities. Now Bitcoin moved on to test the main neckline-range again and there is a higher possibility given here that Bitcoin from here on firstly pulls back to approach the remaining main support-zone marked in orange in my chart where several supports are coming together. If this support can be hold it will be the appropriate origin for a final completion of the double bottom formation.

Upcoming Determinations, Completion Of The Formation And Target Projection:
Taking all these factors into consideration it will be highly pivotal how Bitcoin approaches the supports also matching with the point of control where Bitcoin has the most volume by price shown in my chart in the red line. When Bitcoin manages to bounce in these zones and finally mark above the neckline range this will be the completion of this whole double bottom formation and Bitcoin will have the ability to move on further from there as well as activate the target zone which is as marked in my chart within the 54.000 to 56.500 USD. As Bitcoin has also lesser volume on the way to these targets this gives and additional indication that the targets are to be reached. Once these determinations have been fulfilled Bitcoin has to show how it moves on further from there, for now we need to keep patient and await the final validations before considering further conclusions, it will be a interesting development ahead.

In this manner, thank you for watching the analysis, all the best!
“Good fortune is when opportunity meets preparation.”

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