Bitcoin: Descending Broadening Wedge

Well today's, FinCEN files & news-driven event collapsed 10-15% various financial assets including crypto.

Recalling on investing dot com, I mentioned several times, bitcoin has printed a descending broadening wedge post-2019 failed rally (COVID-19). The uptrend remains intact if BTC does not enter into the wedge again.

If you have fear and looking for the best buy opportunity, there is nothing. The only thing you can do is to see the price making higher lows. 9K if awarded could be the last opportunity.

As long as this wedge remains intact, I remain bullish on bitcoin from mid to long term.

Short term, I am only seeking scalping within the 500-800 range.

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Slowly and steadily above all close lines on weekly over the past two years.

Notice the next fib level as an extended target.

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Nearly got retraced to Fib0.618 level and an uphill target of 13880 for bulls to achieve. Since this is after a long term consolidation, Bitcoin will break 13880 this time and retest 17k and print a new ATH where I am seeing 30+k. Post Fincen files, BTC is stronger than any other financial asset.

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Good time to revisit my earlier view. Bitcoin has captured two key retracements Fib50% and Fib61.8%. Next leg up as continuation is Fib0.786 which is 16K+.

By the dips towards EMA20 or 1D 50. I am chipping in and out for now. But the long run is upward as it stands. The solid support is Fib 0.5=11394 for now.

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As we emerge and climb towards Fib0.786, a point for the next consolidation prior to any further move. I expect ABC correction or a triangular consolidation. Since this is a parabolic move, I expect to buy the dips towards 4H and 1H averages for this and next week. We should see some correction before touching 17K.

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PROVEN descending broadening wedge with 5th impulsive wave is proven and Bitcoin is on the verge of breaking the double top and print a new ATH. However, with the increase in uncertainty, it is likely to give another buy opportunity as well.

Trade closed: target reached

print a new ATH and I am still seeing 30+k. Good luck!

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Congratulations to all BTC holders!!!

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