Bitcoin Potential Falling Wedge Bull Reversal Setup
Updated
Hi All,
Here is my backup bull plan in case my theory that we will see Bitcoin test 34-32Ks and eventually 21-17K by February 2022:
If the bulls are successful at defending the 41-39.6K support successfully into next wee, look to buy the back test of the falling wedge's resistance as support at $45.6-44.2K should we confirm the break out by January 17-22.
Note that if you are buying at $41-39.6K that we may see a wick down to $37-36Ks to run all the stops but as long as it quickly recuperates above 40K and closes the Weekly candle at or above that level then the bulls keep the control and may resume the Megabull or attempt to into 2022!
Thanks,
Carl M.
Here is my backup bull plan in case my theory that we will see Bitcoin test 34-32Ks and eventually 21-17K by February 2022:
If the bulls are successful at defending the 41-39.6K support successfully into next wee, look to buy the back test of the falling wedge's resistance as support at $45.6-44.2K should we confirm the break out by January 17-22.
Note that if you are buying at $41-39.6K that we may see a wick down to $37-36Ks to run all the stops but as long as it quickly recuperates above 40K and closes the Weekly candle at or above that level then the bulls keep the control and may resume the Megabull or attempt to into 2022!
Thanks,
Carl M.
Trade closed: stop reached
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