BTC, Correction Protraction Descending-Wedge, How It Completes! for BYBIT:BTCUSD by VincePrince — TradingView
Welcome to this analysis about Bitcoin , we are looking at the 4-hour timeframe perspectives. As already mentioned in previous analysis Bitcoin is within a correctional movement which now protracted as the market moved anew a little bit to the downside and rebounded again like it was seen previously. In this case, now I discovered an important formational structure with the technical pattern forming that is likely to be the decisive factor in the near upcoming times. Especially when this formation completes it can lead to great volatility and activate targets in the schedule that have a high possibility to be reached after the completion and confirmation of the main formation, therefore I detected all the important levels and likely destinies.
As when looking at my chart now we can watch there how Bitcoin moved on with the correction protraction in the structure, this means that price-action continues to validate the given supports to find the appropriate trend, even when Bitcoin moved something below previous supports the bullish upcoming perspectives still have a higher possibility to emerge compared to the complete bearish breakdown. In this case, now Bitcoin is forming this major descending-wedge-formation with the coherent wave-count within already completed and now Bitcoin is setting up to finalize this whole formation. Also, a solid sign here is that Bitcoin holds above the 15-EMA in red and consolidates in this range between the 65-EMA indicating a determined breakout out of it.
Taking all these factors into the consideration now Bitcoin has formed a substantial structure upon which can build finally completing this main formation in the schedule which will happen when Bitcoin marks above the upper-boundary and holds this level as it is shown in my chart. Such a price-action will activate the upside-targets at the 37000 USD level which are highlighted in my chart in blue. The next time it will be important on how Bitcoin completes this decisive formation and how it can emerge with the determined continuations after this is done. When the targets are reached the situation needs to be elevated anew and if Bitcoin manages to continue bullishly right away or firstly sets up for a reversal which will also not be unlikely in this case.
In this manner, thank you for watching my analysis about BITCOIN and its correction protraction with the descending-wedge-formation developing in the structure, will be great when you support it with a like and follow or comment, great contentment for everybody supporting, all the best!
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Information provided is only educational and should not be used to take action in the markets.