I have published the idea before showing this huge daily falling wedge out of which BTC did break out and retested the resistance as support but was unable to break the previous local high of $51500 which is one of the last and most important bullish confirmations of the trend.
Blue sloping support shows the weekly symmetrical triangle that is now broken by the price BUT THERE IS SOMETHING SPECIAL!!
Bitcoin is currently in the $40-41k level that is a very important key support level in both daily and weekly timeframes. Sloping support of weekly symmetrical triangle is also doing conjunction with the $40700 support. Moreover, the support line of the daily falling wedge is also present at the vary level that gives a boost to the confluence!
Another confluence is that this level marks the completion of the targets of Head and Shoulders Pattern:
After 6 continuous big red 'weakening' candles, Bitcoin has closed the daily candle making a Doji that indicates that Bulls and Bears both are fighting at this level. So, as most of the bears are now exhausted and there is bearish fear all over in the market, I can see some green candles to relax the environment before a BIG move: can be bearish or bullish. (Will observe the market for the next few days and publish what I think can happen)
Trade Safe.
Muneeb
Blue sloping support shows the weekly symmetrical triangle that is now broken by the price BUT THERE IS SOMETHING SPECIAL!!
Bitcoin is currently in the $40-41k level that is a very important key support level in both daily and weekly timeframes. Sloping support of weekly symmetrical triangle is also doing conjunction with the $40700 support. Moreover, the support line of the daily falling wedge is also present at the vary level that gives a boost to the confluence!
Another confluence is that this level marks the completion of the targets of Head and Shoulders Pattern:
After 6 continuous big red 'weakening' candles, Bitcoin has closed the daily candle making a Doji that indicates that Bulls and Bears both are fighting at this level. So, as most of the bears are now exhausted and there is bearish fear all over in the market, I can see some green candles to relax the environment before a BIG move: can be bearish or bullish. (Will observe the market for the next few days and publish what I think can happen)
Trade Safe.
Muneeb
