Hello,

Welcome to this analysis about Bitcoin and the daily timeframe perspectives. In recent times important changes occurred in the whole Cryptocurrency Market Interface and this has been reflected in the Bitcoin Real Price-Action with Bitcoin again establishing a major underlying paradigm-shift to break through key levels within the last establishments. From a Fundamental News Perspective, we have seen important institutional developments such as Exchanges like Binance or Coinbase moving forward with their expansion in the Cryptocurrency field as well as classical economy sectors, we have also seen the CME group launching its Micro-Sized Bitcoin- and Ethereum Options as well as other Countries speculating about the adoption of Bitcoin and Crypto as a legal tender. All these developments showing a fundamental demand still present and in this case I detected the major underlying formational structure to consider now, Bitcoin also showed up with the more likely bullish breakout off the main triangle-formation that I mentioned, if you did not see it already I highly recommend to watch it to have a full-depth-overview.

As when looking at my chart now we can watch there how Bitcoin greatly formed the breakout above the 200-EMA resistance, the 200-EMA in this whole development is a highly crucial EMA because it served as support- and resistance several times in Bitcoins developed price-actions. Now Bitcoin managed to heavily breakout above this EMA also matching with the main $44,300 resistance determined by the neckline of Bitcoins massive double bottom formation. The fact that Bitcoin now exploded above this critical intersection-point has confirmed the completion of the whole double bottom formation as seen in my chart and activated the target zone. In the near future a validation formation above the neckline is likely from where Bitcoin will have the abilities to build upon and continue to the target-zones in the $52,500 level seen in my chart. Once Bitcoin will have reached out to these zones it will be determining on how Bitcoin continues from there and if Bitcoin manages to move forward with a continuation formation or firstly pulls back, if Bitcoin then finally manages to breakout above the $52,500 level this will lead to the continuation within the Bullish-Paradigm-Continuation-Zone, it will be an 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.