Hi friends, hope you are well and welcome to the new update on Bitcoin ( BTC ).
Broke out a wedge:
On a 4-hr time frame, Bitcoin has broken out a falling wedge, and the target for this wedge can be $44K.
Tested the channel after breakout:
On a daily time frame, Bitcoin broke out a long down channel, and tested the previous resistance as support well. Now BTC needs to breakout $40K for any big move, because, here we also have EMA 21 daily resistance as well. This $40K level has been working as support and resistance in the previous history very well.
Strong support zone:
On weekly time frame a very strong supprot zone can be seen, that is from $35K to $28.6K. Whenever priceline is entering here it is starting big bullish reversal moves. There is also 100 weekly simple moving average support.
Big bullish Cypher pattern:
On a same weekly time frame, Bitcoin has also formed a big bullish reversal harmonic Cypher pattern.
Conclusion:
$35K to $28.6K is a big long-term support zone, therefore, a big reversal move is expected to start from this support area. Huge buying has already been witnessed several times in this zone.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade
Broke out a wedge:
On a 4-hr time frame, Bitcoin has broken out a falling wedge, and the target for this wedge can be $44K.
Tested the channel after breakout:
On a daily time frame, Bitcoin broke out a long down channel, and tested the previous resistance as support well. Now BTC needs to breakout $40K for any big move, because, here we also have EMA 21 daily resistance as well. This $40K level has been working as support and resistance in the previous history very well.
Strong support zone:
On weekly time frame a very strong supprot zone can be seen, that is from $35K to $28.6K. Whenever priceline is entering here it is starting big bullish reversal moves. There is also 100 weekly simple moving average support.
Big bullish Cypher pattern:
On a same weekly time frame, Bitcoin has also formed a big bullish reversal harmonic Cypher pattern.
Conclusion:
$35K to $28.6K is a big long-term support zone, therefore, a big reversal move is expected to start from this support area. Huge buying has already been witnessed several times in this zone.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade
Atif Akbar
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