BITSTAMP:BTCUSD

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.

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