Bitcoin, Move Beyond Historical Resistance, Validation Scenario!

By July 31, 2020Bitcoin Business
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Hello Traders Investors And Community, welcome to this update-analysis of bitcoins historical price-moves above the important resistance zones where we are looking at the daily timeframe perspective, recent-events, the current structure, what we can expect the next times and how we can handle it successfully. This analysis is coherently following up to the analysis I made about bitcoin on the weekly timeframe perspective, where bitcoin pierced the huge falling resistance but not closed already above it successfully which does not mean this will not happen, on the daily timeframe perspective bitcoin is reaching out some very interesting signs I detected making it clearer how bitcoin can proceed and if the confirmation above the historical resistance was sustainable or not, as many people falling to the speculative approach and see bitcoin-only bullish we need to keep in mind the still ongoing corona-crisis and therefore also the reverse in mind.

When looking at my chart you can watch that bitcoin just confirmed above the significant falling resistance which I marked in the chart from the tops of bull-market in 2017 to the tops of 2019, the fact that this was an important resistance to move above takes bitcoin in an overall bullish edge. Further bitcoin is in this huge trading channel where it already confirmed the upper and lower boundary several times and now testing the higher boundary another time when bitcoin has the strength to move above it this can cause bullish rising. Overall it is important to note that bitcoin needs to hold the level which you can watch marked in my chart in orange and the support in orange at 10350, the next days it is possible that bitcoin visits these areas and when there these levels need to behold because bitcoin will show bearishness below it.

As major cryptocurrencies formed high volatile movements so also bitcoin now, the big importance now is to build on this strength and do not invalidate it again with bearish pressure, therefore it is important that the economic situation with corona stays stable and that there do not come fears into the market which will drag the price down similarly to those mechanisms seen in march this year. The next times will provide if bitcoin has enough possibility to move above the upper boundary directly or form a correction before, in this correction it is highly important to hold the mentioned support at 10350, by the way, it is really great to watch that we made some good profits in the elite channel as we entered before the volatility set in to profit out of it, in this case, we could secure our positions and now look what the market will do next.

In this manner, thank you for watching, support for more market insight, have a great day, and all the best to you!
All progress takes place outside the usual expectation.

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

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