Hello all. Looking at BTCUSD on the weekly timeframe, we see that bitcoin broke below the yellow ascending line of support and also below the symmetrical triangle. "Two very important levels which bitcoin had to respect in order for me to remain bullish on BTC."
While we broke below the symmetrical triangle which has a price target at 24k, bitcoin is also inside a falling wedge pattern (white lines) which in fact is a bullish pattern.
While every scenario is possible, and bitcoin can fall as low as 25k range where the 200 week EMA is, I believe that bitcoin will bounce back up from the bottom of the falling wedge pattern at around 29k.
While the 29K is a psychological number and the bottom of the descending wedge, it is also the horizontal support line since January 2021.
Keep an eye for this two important patterns and don't fomo.
Thanks for reading, and stay tuned. Enjoy.
While we broke below the symmetrical triangle which has a price target at 24k, bitcoin is also inside a falling wedge pattern (white lines) which in fact is a bullish pattern.
While every scenario is possible, and bitcoin can fall as low as 25k range where the 200 week EMA is, I believe that bitcoin will bounce back up from the bottom of the falling wedge pattern at around 29k.
While the 29K is a psychological number and the bottom of the descending wedge, it is also the horizontal support line since January 2021.
Keep an eye for this two important patterns and don't fomo.
Thanks for reading, and stay tuned. Enjoy.