This is a quick update in regards to the latest Bitcoin price action following my earlier Weekly update.
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Last week in an earlier update, I warned that closing below the 1W midband at 48.4K would send us much deeper to two important buy levels: 34-35Ks 31-29K or the Weekly bottom band
These two levels were just hit in the past 6 hours from which Bitcoin bounced hard from to 41-42Ks!
Now that we tagged the buy/long 31-29K bottom of the Weekly Bollinger Band, there is a possibility of seeing a large scale bull reversal through what John Bollinger calls a Bollinger Head Fake. What's a Bollinger Head Fake?
A Bollinger Head Fake is a rapid reversal in price direction that most often occurs after a Squeeze, usually on high volume and at a Bollinger Band.
As of now the Weekly Bands have started to squeeze and the bottom band has been tagged. The expectations in the next few weeks is to see a fast reversal of the price action back above the 1W midband at 48.8-49K towards either 55K or 63-64K (ATH) preferably before the Monthly candle closes on May 31st as shown using the 2017 blue fractal.
Once fulfilled then I believe we can see Bitcoin grind up towards the ATH by August and have a last bull run towards 250K+ by Dec 2021
NOTE: Should the Bollinger Head fake fail to reverse the trend in the next 2 weeks and the Weekly Bollinger Bands Squeeze resolves to the downside with a sell off below 28K (or below the bottom bollinger band), then I expect a much longer Bear Market at hand which would test the previous top as support at 20Ks.
Funny how even some crypto veterans are calling this the end of the bull run. We've had many dips on the way to 20,000 last run, why wouldn't we this time going up to between 100 and 400k? Lmao
AntmanBTC
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I hope you and that one "insider" is correct..
Nekot
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Thanks for your update
hyipster
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Hope you're right ...
aaronstevens566
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You r the best pls what do you think of the current price action do you think we may get another leg lower likely today?? if so when you think best position to short pls