Premium setup for members: BITCOIN – ABILITY To Finalize HUGE DOUBLE-BOTTOM, $35K!

Premium setup for members: BITCOIN - ABILITY To Finalize HUGE DOUBLE-BOTTOM, $35K!
Hello,

Welcome to this new analysis about Bitcoin and the 4-hour timeframe perspectives. In recent times, Bitcoin has disrupted the whole market development and has shown up with heavy volatilities while now it seems these initial volatilities are stabilizing and Bitcoin is attempting crucial levels from where a shift in the market has potential to show up. The Luna-Crash-Developments and the Altcoin-Market Movements have shown how volatile the Cryptocurrency Market can be and now it is time for the remaining Cryptocurrencies within the market to show how they approach further. From a fundamental perspective, the sentiment looks quite positive as during these crash developments major economic entities continued to adopt Bitcoin such as the Central African Republic making it a legal tender, luxury brands like TAG Heuer or Balenciaga accepting Bitcoin or JP Morgan Chase making Bitcoin the "Preferred Alternative Asset".

As these developments have a positive impact on Bitcoin on a broader timeframe perspective it is also crucial to look at the technical side of things and in this case, I detected that there is potentially given for Bitcoin to show up with an initial relief-rally with which Bitcoin has the possibility to test remaining resistance which is still given. Although this does not mean Bitcoin will directly turn bullish on all aspects thinkable it should be considered as a silver lining to which Bitcoin can add when the developments are moving positively. When looking at my chart Bitcoin is forming this potential double-bottom which it already completed similarly once between the 22Nd of June and the 20St of July. All the elements are given within this second fractal together with the Descending-Wedge-Formation, the Double-Bottom-Structure, and the 65-EMA as the final Validation-Turning-Point:

First Double-Bottom-Fractal-Structure Completed Between 22Nd Of June And 20St Of July:

Now when looking at these amazing similarities in the Double-Bottom-Fractal-Structures there is a high likelihood potential given that Bitcoin has the ability to complete this second Fractal again similarly as it has done already once. Nevertheless, this does not mean Bitcoin will turn 100% bullish because although once the formation has been completed the $35,000 USDT target-zone will be in play there is still a massive resistance within this zone and as the legit Double-Bottom-Targets will be reached it can turn out for Bitcoin to just move into this massive resistance and from there on the pullback and continue its alignments onto the bearish side. Therefore, it will be highly determined on how Bitcoin moves into these zones and how it develops from there on, especially in a Middle-To-Long-Term-Approach the bearish technical scenario is still present and should be contemplated before the reverse has been validated.

This is not a trading advice. Please analyse and take trades at your own risk. Nehcap cannot be held liable under any circumstance