Hello again my friends!

This time I’d like to give some more hope for Bitcoin IF the weekly candle closes above 30.8k USD.

As you see in the chart, there is a very critical value for the price of Bitcoin that will most likely further affect its short term outlook.

The red line is the support that was set from the moves of late January ’21 and mid July ’21 and currently stands at 30.8k USD.

That price coincides with the lowest price of the (orange) falling wedge that started on September ’21. A falling wedge is a bullish pattern and breaks to the upside most of times. Unfortunately, this time it tends to break to the downside, but a few more days are left for the weekly close.

IF Bitcoin manages to climb and close over 30.8k this week, I will consider it a strong sign of reversal and the new price target will be around 37k, testing the upper line of the wedge .

Thank you! Trade responsibly!