Welcome to this analysis about Bitcoin , we are looking at the perspectives. As mentioned in the origin-analysis the confirmation of the main head-and-shoulder-formation had a higher likelihood, this is what now happened and after testing the neckline anew Bitcoin substantially bounced off it and managed to form the breakout above the descending-trend-line. If you did not see this analysis already I highly recommend it to watch to have a full-depth-overview as this analysis now is building a coherent follow-up. In this case, I made some levels thicker and highlighted the important zones to have a better view of the dynamics. In this manner, I discovered all the important levels and upcoming determinations.
As when looking at my chart now we can watch there how Bitcoin finally made the breakout above the main descending-trend-line I mentioned in the previous analysis is an important reference-factor for the head-and-shoulder-formation to complete bullishly. Now besides this emerged appropriate breakout Bitcoin also formed a golden-cross with the 20-EMA marked in green crossing above the 65-EMA in red. Also, the fact that Bitcoin rightly bounced above the 41200 USD resistance-level marked in blue increases the strength in these zones. All together Bitcoin has formed several important confirmations on which it has now the ability to build upon and continue with further conclusions.
Taking all these factors into the consideration now Bitcoin has technically completed this whole head-and-shoulder-formation to the upside now. The more likely possibility for a breakout of 75% is rightly validated. Now Bitcoin is in a condition in which a pullback to the previous resistance which is now support has a high possibility as it is marked in my chart. Bitcoin will then move into great supports together with the EMAs and after that approach the main CME-Gap-Level to be filled once this has done and Bitcoin continues to rightly stabilize in the structure this will lead to the further increase of demand and a final close above the Gap-Fill-Level with the bullish-development-continuation-zone marked in green in my chart, it will be an interesting journey.
In this manner, thank you for watching my update-analysis about BITCOIN and the major head-and-shoulder-formation confirmation settled now with the further important determinations ahead of the next times, support the analysis with a like and follow or comment for more market insight!
Information provided is only educational and should not be used to take action in the market.