Bitcoin formed an immense falling wedge in the year 2022. On January 16th 2023, price broke out of the wedge and retested it.
Just following conservative falling wedge measured moves, price target is at 48.3k. 48.3k is the last time price touched the resistance of the falling wedge prior to its breakout. The 48.3k level line intersects the 0.7639 of the log fib channel at the end of august.
It is not necessary that price reaches 48.3k. At these scales falling wedges behaivor is not the same than at smaller scales. Weither price continues past 48.3k or drops before it reachs it, will be figured out further in the future.
You will notice that within the falling wedge is a c-fork that was broken upward. This c-fork and other bullish patterns were discussed in the idea below.
Just following conservative falling wedge measured moves, price target is at 48.3k. 48.3k is the last time price touched the resistance of the falling wedge prior to its breakout. The 48.3k level line intersects the 0.7639 of the log fib channel at the end of august.
It is not necessary that price reaches 48.3k. At these scales falling wedges behaivor is not the same than at smaller scales. Weither price continues past 48.3k or drops before it reachs it, will be figured out further in the future.
You will notice that within the falling wedge is a c-fork that was broken upward. This c-fork and other bullish patterns were discussed in the idea below.
Comment:
Price has reached the 0.618 fib wish has proven strong resistance. I downgraded the target to 45k in August.
Comment:
BTC 48k soon.
Comment:
Target reached, fib level breached, next fib at 64K.
