Hi dear friends, hope you are well and welcome to the new update on Bitcoin .
The bullish Cypher pattern:
On the daily time frame chart, the price action of BTC has formed a bullish Cypher pattern. Even though the price action of Bitcoin has hit the sell targets of this Cypher pattern but now it is moving sideways.
Falling wedge:
On a 4-hourly chart, the price action of Bitcoin has formed a falling wedge pattern. Even though the priceline of the leading cryptocurrency has broken out the resistance of this falling wedge but still the volume is too low to produce any bullish rally. However, if there will be buying volume appeared then a sell target according to this wedge can be $39500.
The Symmetrical triangle:
On the daily time frame chart, the price action of BTC is still moving at the support of a symmetrical triangle. The priceline of the king of all cryptocurrencies is moving at the support for 3 days. The more re-tests can result into break down the support. However, as the candlesticks are reached at the end of the triangle and this pattern is squeezed therefore now it is a make or break time for the Bitcoin. In case of breakout, the technical target of this triangle can be $50K and in case of breakdown it can move down to $23K
The strong support and the golden pocket:
On the weekly time frame chart, the $30K is proven to be a very strong support so far, because whenever the priceline of BTC is moving at this support it is getting bounce towards the upside. The 30K support level is also very close to the Fibonacci golden ration of the complete bull rally on the weekly chart.
Conclusion:
As the price action of the Bitcoin has reached the end of the triangle therefore these are the final moment for the BTC to make a powerful move to the upside or the downside. However, if the price action breaks down the support, then it will be very difficult that it will reach the $23K which is the technical short target of the triangle because there is very strong support of $30K before this targets area.
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.
For more harmonic trading ideas you can join:
https://www.patreon.com/moon333
Link for BINANCE exchange, the best place to buy or sell Crypto:
https://www.binance.com/?ref=11256882
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