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Welcome to this important update-analysis about Bitcoin's situation from a 12-hour timeframe perspective. Since the previous analysis Bitcoin moved on with the wave 3 establishment and bearish prospects initially within the structure, to have a full-depth-overview I highly recommend watching the origin-analysis as this analysis is coherent following up the previous one, as I discovered already on the more local 4-hour timeframe perspective Bitcoin is already forming this decisive descending-triangle-formation, now with looking at the more global 12-hour perspective I detected more evidence for the wave-development as previously expected as more factors come into the cluster-zone, therefore we are looking at the crucial levels and destinies.
Structural Developments:
As when looking at my chart now we can watch there how Bitcoin now showed up with the bearish encounters and also recently tested the 100-EMA in green from where it firstly bounced to the upside, furthermore we can watch the meaningful descending-wedge-formation I mentioned previously also in this timeframe in a good manner which is also likely to continue to develop the next times, recently Bitcoin has shown up with some up moves within the structure these moves, however, were not yet strong enough to completely validate a full reversal this is why the triangle-development upcoming next times is likely in which Bitcoin will test this significant strong support-cluster marked in my chart in blue.
Upcoming Perspectives:
Bitcoin is in a situation in which it developed a bearish trend initially on the short-term-perspective, this trend however is not completely strong as we have seen it with others in the past, this is why a reversal with such a trend is more likely, in this case, Bitcoin has a good possibility given to reverse within the back-up-cluster when showing up with the right bullish price-action from there which will then indicate the major wave 5 to establish ahead upcoming times however it is inevitably important that Bitcoin rightly bounces in this zone because when moving below this will activate further bearish pressure however this possibility is not that big for now and the reversal should be more expected, it will be an interesting development ahead.
In this manner, thank you for watching the analysis, have a good day, great contentment for everybody supporting, all the best! "There are many roads to prosperity, but one must be taken."
Information provided is only educational and should not be used to take action in the markets.
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Niyamai bn
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