BTC looks bullish, BUT...
On Oct 4th, Bitcoin did finally have an upside breakout from the bullish falling wedge formed since Sep 2021.
Prior to the breakout and until now, the price seems to be moving in a parallel channel and recently struggling to break its 50% level.
The support level formed on Nov 2020 has been met.
The odds favor an HUGE rise in price, but IF it goes below that support area, there will be no other support to stop a decline to the 10K area. Thereby neutralizing (temporarily) the wedge effect.
If that happens, the price will be trapped between the 10K support area and 15K resistance area for some time before rising again.
NOTE: BTC did breakout from an over 2-year double top formation on June 11th 2022 and still havent meet its minimum downside target yet.
Prior to the breakout and until now, the price seems to be moving in a parallel channel and recently struggling to break its 50% level.
The support level formed on Nov 2020 has been met.
The odds favor an HUGE rise in price, but IF it goes below that support area, there will be no other support to stop a decline to the 10K area. Thereby neutralizing (temporarily) the wedge effect.
If that happens, the price will be trapped between the 10K support area and 15K resistance area for some time before rising again.
NOTE: BTC did breakout from an over 2-year double top formation on June 11th 2022 and still havent meet its minimum downside target yet.
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