BTC Bullish Cypher Update #3: A Falling Wedge Addition
Since first identifying this Cypher on the weekly I have noticed that BTC seems to have been trading within this huge Falling Wedge and now this week after bouncing up from a much Smaller Daily Timeframe Bullish Shark for the second time, it is attempting a weekly Breakout of the more prominent Falling Wedge.
The Measured Move for this wedge breakout would be around a $29,580 upside move to which would take us very close to the 61.8% Retrace from high to low at 49.6k.
We currently have Multiple Harmonic Supports between 18.5k and 17.5k along with an Equally as strong Price Action Support Floor at around 18.5k based off of some weekly candle closes we got in 2017 and in 2020.
A screanshot of the much smaller Daily Bullish Shark can be seen here on the CME chart but can also be seen on the Bybit chart underneath the CME screenshot in the Related Ideas tab below:
The Measured Move for this wedge breakout would be around a $29,580 upside move to which would take us very close to the 61.8% Retrace from high to low at 49.6k.
We currently have Multiple Harmonic Supports between 18.5k and 17.5k along with an Equally as strong Price Action Support Floor at around 18.5k based off of some weekly candle closes we got in 2017 and in 2020.
A screanshot of the much smaller Daily Bullish Shark can be seen here on the CME chart but can also be seen on the Bybit chart underneath the CME screenshot in the Related Ideas tab below:
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