Hello,

Welcome to this analysis about Bitcoin and the daily timeframe perspectives. In the recent times, important developments happened within the whole Bitcoin and Cryptocurrency Market Interface such as the Bitcoin Lightning Network is being implemented in several important entities, institutional interest in Bitcoin is growing and Elon Musk is looking to buy out all of Twitter which can have a crucial effect on the Bitcoin and Cryptocurrency Market as well. Taking these considerations into the conclusion it needs to be marked that these show a more Bullish Sentiment on a Middle-To-Long-Term-Basis however when considering the more Short-Term as well as the local perspective of Bitcoin it is necessary to also watch out for the technical factors and in this case I detected an important formational structure that can lead to a major decisive outcome for Bitcoin . Therefore I detected the important levels, formational structures, and upcoming determinations.

When looking at my chart we can watch there how Bitcoin has moved on to form this major Ascending-Channel-Formation in which it several times bounced and continued with developing this Wave-Count within the formation with the waves A to D already completed. Now as Bitcoin approaches the lower boundary again this is likely to set up the wave E for this whole wave-count and when it moves into the upper boundary it will complete the whole Wave-Count and from there on show up with a pullback from where Bitcoin has a higher possibility to increase volatility again. In this case, it will be highly important how Bitcoin continues and especially when settling below the lower boundary of the whole formation this will complete the whole channel as a Bear-Flag-Formation and Bitcoin is likely to firstly increase Bearish Volatilites till the lower target zones have been reached which remain within the Descending-Trend-Line as marked in my chart. If Bitcoin manages to bounce in this area this can lead to a potential reversal however when this does not happen it will lead to a continuation if Bitcoin shows up with another such formation. In any case, it is necessary to not underestimate the bearish sights that can show up here and be prepared on potentially increased volatility , it will be a crucial development ahead.

In this manner, thank you for watching the analysis, all the best!
“The high destiny of the market is to explicate, rather than to speculate.”

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