Bitcoin Weekly Bollinger Band Head Fake Bull Reversal Setup

Hey guys,

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.

Happy trading!
Carl M.