Falling wedge and strong support zone:
The price action of Bitcoin has formed two falling wedge patterns at the same time. One is on the four-hourly chart and we can see that after getting rejected by the resistance of this falling wedge the price action is now testing the support of this pattern.
The second one is the bigger falling wedge pattern on the daily timeframe chart, and after being rejected by the resistance the priceline of the leading cryptocurrency is moving towards the downside.
At the same time, the price line is also testing a very strong support zone that starts from $31K and goes to $28.8K. So far the candlesticks are not closed below the $31K level on the daily time frame.
At the same time, the price action has also formed a bullish reversal harmonic BAT pattern and entered the buying zone.
Weekly 50 SMA:
oN the weekly time frame, the price action was testing the 50 simple moving average but now the weekly candlestick has been closed below the 50 SMA . The new week’s candlestick has been opened below this 50 simple moving average . Now the price line of Bitcoin needs to recover as soon as possible and move above the 50 simple moving average , in order to save from the bearish trend on the long-term weekly time frame chart.
Conclusion:
If we take a look at the previous history of the king of all cryptocurrencies, then it has never happened that the priceline at the first attempt and testing the 50 simple moving average did not start any correction rally towards the upside. Therefore, if the price action will not recovered and move above the weekly 50 simple moving average and move down without any correction move or big bullish move, then it will be the first time ever happened in the entire history of Bitcoin .
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