Bitcoin Pumps - Plan B admits his price prediction failure - Falling wedge resistance in contention

Bitcoin Pumps - Plan B admits his price prediction failure - Falling wedge resistance in contention

By Keeef | CryptoFactor | 29 Nov 2021


Technical Analysis

Bitcoin ($BTC) traded with a bullish falling wedge formation over the weekend and upon a bullish market correction in traditional stocks such as the S&P500 and Oil, following a fearful downturn last Friday around fears of the new Omicron COVID Variant.   The upper limit of the falling wedge turns short term resistance as the BTC price fights to break resistance and could well result in a breakout and all things considered, some Bullish Parabolic Moves are possible.

Bitcoin maintains key levels of support for the continuation of an uptrend with higher highs and higher lows and is holding the 110-day moving average and the 1.41 Fibonacci Resistance.  There also appears to the support forming around the 1 trillion dollar market cap level.   

Plan B amends its targets

Based on Plan B's tweets from the 4th November, the anonymous investor gave $98k November and $135k December predictions, however yesterday he tweeted that this was based on floor model and not his guarded Stock to Flow (S2F) as many outlets had reported.  The accuracy and reputation of the Analyst for the previous 3 months were as close to spot on as could be reasonably predicted! 

But why did the prediction fail?  Amongst the reasons could be whale investors looking to test key levels of support,  government policy from the USA that included Biden's Infrastructure Bill, which requires KYC and Tax implications, India banning crypto again.

In defence of Plan B, the Floor Model he created backtested has been accurate for the last 10 years, and the current price although recently pumping, remains an outlier and insists that the BTC price is still headed for the $100,000.  The floor model will only be deemed to have failed if BTC does not maintain an average price of $100,000 before the next halving cycle.  

Summary

I am taking the FUD with a pinch of Salt, and goodness me, there is plenty of it around at the moment.  I would anticipate us holding this support level and catapulting off it for some more continuation to the upside, I am disappointed that we are unlikely to meet Plan B's $98k although it is worth reminding yourself that the longer we wind up, the further we will slingshot when that market move does eventually come.  

I have taken profits of SAND and DAR over the last week, and I am now back into Accumulate and HODL mode.  Any exciting projects, I plan to share with you any low cap picks I invest in with buy alert blogs right here on Publish0x and on Reddit.  

I'm looking to take profits on Bitcoin at $88k in the shorter term as things stand.  

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Keeef
Keeef

Cryptocurrency Journalist, Enthusiast and Commentator


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