Hi my friends,
Welcome to this analysis where we are looking at Bitcoins 1-hour timeframe perspective, as already mentioned previously Bitcoin has already completed this major head-shoulder-formation with the ongoing conclusions and as I detected now Bitcoin has the possibility to form an other major formation here which will similar outcomes when completed, therefore I detected all the important levels and likely perspectives ahead.
When looking at my chart we can watch there Bitcoin currently already begins with similar price-action as we have seen it within the first head-shoulder-formation, besides that Bitcoin found some marginal support within the structure and as you can watch in my chart this second neckline has already built with the left shoulder developed, the next times we can expect some further up moves here which will run directly into the strong upper-resistance determined by the neckline and also the EMAs lying there, taking this into consideration it will likely be the origin of both the head as well as the right shoulder which when completed can also finalize this whole second decisive head-shoulder-formation here, this will show up when Bitcoin moves below the trendline with a decisive move and when such move happens we will see a protracted bearishness to the downside visiting mainly lower levels ahead.
It is crucial to take note that the movements may not even fully be developed yet even when the market somewhat seems to recover within the structure, in this case, the second head-shoulder-formation will be the leading source for further developments and where the journey is moving, it is important to be prepared on such changes in the near future and upcoming perspectives to not trade unsatisfying trades.
In this manner, thank you for watching the analysis, have a great day and weekend, all the best!
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Information provided is only educational and should not be used to take action in the markets.