Welcome to this update analysis for bitcoin From the perspective of local time. Since my last analysis of the local time perspective of bitcoin The large head and shoulders reversal formation that I mentioned and has finally completed bitcoin I proceeded to appropriately hit all expected target areas. To get a better overview of the technical developments going on here, I changed the time frame from a 2 hour perspective to a 4 hour perspective like the formation bitcoin It was formed here it was extended.
Like when we look at my chart now we can see how bitcoin Since the move to the recent reversal, the head and shoulders target areas first retreated below the uptrend line again and is now forming an interesting decisive formation from which more decisions must be awaiting. Particularly important in this case is the support at $16,740 which is highlighted in the orange chart and is also the channel price balance bitcoin It is formed in this region. The price equilibrium channel marked in orange in my chart is the area from where bitcoin It will appear with the final breakout either in the uptrend or downtrend.
Now, it is important to note this bitcoin It still has strong support confirmed by the 60-MA and for as long bitcoin Stability above this support is the base from which bitcoin It has a higher probability chance of building upon and shaping it for good Breakout as shown in my chart instead of breaking down and confirming the moving average as resistance. So as long as that bitcoin still above 65% chance of eventual eruption if this scenario occurs bitcoin Resistance will face $17,600 again, if bitcoin They manage to break through this resistance, there is more potential activated. For now, the final confirmation will refer to the final scenario and as soon as this happens, other conclusions will come.
On that note, thank you all for watching. Let’s move forward together.
The information provided is for educational purposes only and should not be used to take action in the markets.
BTCUSDT by VincePrince
– technical analysis – 2022-12-27 13:49:53 – coinphone [SV]