Bullish reversal BAT is doing its job:
On 9th July I shared an idea that on the daily time frame chart, the price action has of BTC is completing the final leg of bullish BAT. Now the leg is also completed and the price action is getting reversed to hit the sell targets:
Broke out the same wedge which was broken down:
The price action of Bitcoin was moving in a falling wedge pattern on a 4-hourly chart. After getting rejected by the resistance of this falling wedge , the price action of BTC had a small bounce from the support on the 19th of July but finally, the priceline broke down the support of this wedge on 28 July. Now it is again reversed bullish and re-entered the same pattern and now broke out the resistance.
A possibility to reach $41K:
On the daily time frame the price action was already moving in a big falling wedge pattern and for the past several days the priceline of BTC was floating at the resistance of this falling wedge . Now the candlesticks are also breaking out the resistance. But still, there is weak buying volume and in order to confirm this break out, we will need a powerful buy volume . Once the breakout will be confirmed the next imminent target can be $41000 which is the tail of this falling wedge pattern.
Trend reversal candlesticks:
There is also a very strong support zone from $31000 to $28800. Previously when the price action of Bitcoin was entering in this area then wicks of the candlesticks were showing the weakness of the sellers is in this zone. But this time the complete bodies of the candlesticks were entering in this support zone in the daily time frame. But there is a bullish engulfing candlestick that has appeared that has canceled these bearish candlesticks . Before this, another Doji dragonfly candlesticks has appeared which is also a trend reversal signal. Therefore whenever the bears were shorting in this zone they were getting Rekt and it happened this time again.
Sofar $31000 to $28800 is a very strong support zone for the leading cryptocurrency. We have already witnessed that whenever the price line is moving is in this zone it is getting reversed bullish . Thereforeshorting the Bitcoin in this zone without confirmation of any significant breakdown can be a big mistake.
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