Large Bullish Falling Wedge Breakout
Updated
A breakout of a downward sloping supply line has been broken to the upside on the daily and weekly timeframes. The supply line serves as the over head slope to a falling wedge pattern with lower sloping support that goes all the way back to March.
This is a very large structure so the price action to the upside we require some patience. A retest of 32328 could be in store as that would give us a confirming backtest of the falling wedge patter which we hope will now flip to support. Bullish confluence can be found at 32328 as there is a strong support level. If this level gets broken Bitcoin will most likely retest 30k.
In the meantime, short term support/stop loss for me will be 33312 and 33870. Again, this is on the weekly. This requires patience to wait for each weekly candle close every Sunday before rushing to make any drastic decisions.
This is a very large structure so the price action to the upside we require some patience. A retest of 32328 could be in store as that would give us a confirming backtest of the falling wedge patter which we hope will now flip to support. Bullish confluence can be found at 32328 as there is a strong support level. If this level gets broken Bitcoin will most likely retest 30k.
In the meantime, short term support/stop loss for me will be 33312 and 33870. Again, this is on the weekly. This requires patience to wait for each weekly candle close every Sunday before rushing to make any drastic decisions.
Note
Major things quietly happening in Bitcoin as our falling wedge idea on the weekly has played out perfectly and the close tomorrow is about to confirm this. This is exciting news and the fact that Bitcoin held support on our purple line which was the final line in the sand speaks volume to how bullish this truly is. However, bulls are not finished as first of all they must maintain the support on this weekly candle above all of our resistance lines - which it has done as of now.
But ultimately Bitcoin must break $41100 decisively. Otherwise, this could end up being a failed breakout and price could quickly retrace bearishly. If tomorrow fail to remain above our green horizontal trendline, expect another week of boring sideways action. But if we hold, Bitcoin could be destined for greatness again.
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