“This content is not a financial advice or a buy/sell signal”. On a weekly scale, BTC is about to complete a big ascending triangle (Red lines). In addition, we can observe a long supporting line (Grey Line) that has strongly supported the BTC price since March 2020. Of note, the lower edge of the ascending triangle almost matches the support line. So, we may once again see a fall in price up to approximately 54K corresponding to fib 78.6%, before bouncing up. After the bounce, if the price breaks the resistance the target will be around 107K.
Comment:
A clear rising wedge has been formed ( look at the 4-hour chart) which can further increase the probability of the fall in price. the target can be the end of the wedge that is around 51K but since the end of the wedge is a candle with a long lower shadow so the price may still bounce from 54K, fib 78.6%.
Comment:
As predicted on 18th Oct, BTC experienced a correction and the price has fallen to approximately 54K where it hit the Fib 78.6%. As I mentioned in my previous comment still there is a probability to fall below 54K up to 51K US $.
