a look at the weekly charts 200 SMA and the impending grindown
Keep in mind the falling wedge is a 4hour/1day chart pattern so its gonna look slightly strange here on the weekly chart but we are on the weekly chart to show just how close we are to making contact with the weekly 200 simple moving average. This MA provided ample bounce when we first hit it around the 3.1k region. I think we are about to slowly grind our way down over the next week or so straight into that Moving average again maybe even around $3333 or so but I anticipate a big bounce once we do enough of one to send us back up towards the top trendline of the current falling wedge we are in on the 4 hr and 1 day charts (shown here in green) I think we may bounce back and forth one or 2 more times after that inside the triangle before finally breaking bullish for a target of around 3.8k assuming the 200 weekly sma isn't enough to break us up out of the falling wedge prematurely. I'm gonna see if I can play the bounces of the pattern to my advantage before a breakout. Just my plan and not financial advice. Best of luck in whatever you choose to do.
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