Hey! I’m sure a lot of you have got on your mind the question of just how we’re gonna go next! Let’s check out the possibilities and what we could be looking at soon! Thank you and let’s check out the wave’s Bitcoin is riding this week!

Let’s start:

A lot has happened this week most definitely but for today we’re simply gonna give a quick look at the technical and look at our waves as I like to call them! In my last Idea we noted that we were expecting a rebound and move up and that’s exactly what we saw! We saw a quick pump as I’d call it on behalf of Market Makers making a quick buck.

Technical:

• The Wedge Bitcoin is coming up on the end of this wedge which I have outlined in which shows us coming to the end of these convergence lines so to say. Why’s it matter? We’ll, to start most often when we come across these moments after large falls we see these wedges form and based on past price action we usually see a bullish breakout. However that doesn’t mean we’ll see the very same thing here. So don’t get all excited just yet.

• Support If we take a look at the Fib retracement we can see that bitcoin amongst all that has happened to keep it’s self from simply crashing through 0.78 on the fib this week with inflation and Russia increasing it’s offensive on Ukraine. We see strong support enter whenever we cross below 40 ,000 even seeing an almost immediate pump following the third instance in which we saw that quick pump and dump. We are also forming higher lows on the daily chart which is great to see.

• The However At the end of the day, we’ve been moving sideways this week with one instance of a pump which was then followed by a dump which doesn’t exactly speak “confidence” to put it. I am on the other hand very happy to note that Bitcoin has been trending in this descending ‘corridor’ as I like to call them and right now we are at about the bottom of that, And if we look at the EMA Ribbon or the “Waves” as I call them we can see that things are starting to settle after this huge set of steps we’ve seen Bitcoin go down recently.

• To note: If Bitcoin can’t manage to keep support above 40 ,000 or hovers around the low 40 ,000’s for much longer we could definitely see some some movement back to the downside. But based on the fact that we’ve managed to cross below not just once, but three times and haven’t managed to break below again as of yet, we can say and hope that well: “Third time’s a charm”

Close

Thank you for taking the time to read my Idea! It’s always much appreciated and I learn with each and every single day more and more thanks to you guys and this great community! Please be sure to leave a like and follow or share, anything is always appreciated and without further a due I hope you guys have a great day and go live your life to the fullest! Life’s too short to stress over things, go out and have some fun!

~ Rock