Bitcoin has been breaking towards the downside, playing out these EMB bearish divergences. But right now, in the short term, it is creating this new falling wedge and in the long term is flashing this huge Buy Signal with 100% accuracy. So we need to be talking about this exactly.
Bearish Divergences and Healthy Correction
Bitcoin has been playing out these bearish divergences over here. Of course, Bitcoin has been seeing an insane pump towards the upside, so a little bit of consolidation and a little bit of a correction is, of course, to be expected.
Falling Wedge Pattern in the Short Term
Now anyways, Bitcoin is also creating this falling wedge pattern in the short term, so definitely we can actually start to expect a little bit of a bounce for Bitcoin. I do think that this falling wedge is going to be breaking out bullish. I mean, falling wedges are one of my favorite patterns, and usually they do break out bullish.
Expecting a Big Bounce
Usually, these patterns are very, very accurate, so definitely I am going to be having a look into this pattern over here. If we are going to be breaking this one out towards the upside, definitely I am going to be expecting a big, big bounce. Now anyways, I do expect that we are going to be seeing this massive breakout by today.
Possible Breakout Today or Tomorrow
If we are going to be having a look into our pattern, yes, we can be getting squeezed in a little bit more until tomorrow.
But if we are going to be having a look into our apex, definitely today or very, very early tomorrow, we are going to be seeing either a break towards the upside or a break towards the downside.
But towards the upside, of course, is going to be way more likely.
Price Target at 68.3k Level
Now, if Bitcoin is going to be seeing this break towards the upside, yes, that price target is going to be sitting at this previous high, sitting at the 68.3k level. But in my opinion, if we are going to be reaching these levels over here, I think we are going to be headed even higher, and we are going to be testing this level of resistance over here. This is going to be one of my ultimate targets for my Bitcoin trade.
Considering Taking Profits
From this level, I am going to be starting to consider taking some profits off the table from my Bitcoin trade that I’ve been opening exactly at the Bitcoin bottom over here. Now, I do think that we are going to be headed even higher, but starting from this level, I will be starting to get a little bit more cautious.
Bitcoin Bouncing in the Short Term
So right now, Bitcoin is also bouncing in the short term. Anyways, I do think it is going to be very likely to be seeing a little bit of a bounce from this level. Of course, if we are going to be having a look into this level of support, well, previous levels of resistance are right now going to be turning into support. Definitely looking very good at this chart.
Strong Support Level for Bitcoin
This is going to be a very strong level for Bitcoin, which is right now going to be acting as support. Definitely, in my opinion, a bounce from this level is going to be highly likely. Now yeah, if we are going to be having a look into that longer term, definitely Bitcoin is still looking extremely bullish at these levels.
Bitcoin Funding Rates and Rejection
The Bitcoin funding rates are still definitely very low, and yes, Bitcoin has been getting a little bit of a rejection from this level over here, but that was, of course, to be expected. I mean, this is going to be a huge level for Bitcoin to be breaking above. Bitcoin is creating this huge bull flag pattern.
Healthy Correction and Consolidation
Now, if we are going to be testing this level once again right over here, well, it is of course to be expected that at the first try, we are going to be getting a little bit of a rejection. Of course, we are not going to be breaking above such an important level in our first try. So this is of course very healthy to see a little bit of consolidation, a little bit of a healthy correction, which we have been seeing.
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Bitcoin’s Long-Term Consolidation
Definitely be sure to be checking it out. Anyways, guys, in that longer timeframe, Bitcoin is still just consolidating for over 140 days right now. So yeah, this is a very, very long period of consolidation. Eventually, we are going to be seeing this bullish breakout outside of this bullish megaphone pattern. But in my opinion, this long consolidation is just going to be ultimately very bullish for Bitcoin.
Long Consolidation and Buy Signal
Of course, Bitcoin cannot go up in a straight line forever. So yeah, consolidation over here, the longer we are going to be consolidating, is actually going to be more bullish. Now in that long term, well, Bitcoin is flashing this huge Buy Signal right now. This is looking very good. Of course, we have been seeing this Bitcoin miners’ capitulation right over here.