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October 2, 2022
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Bitcoin looking to $ 41,000 – Retest as two indicators confirm bull run

Bitcoin bulls must prepare for a bull run to $ 41,000

According to Scott Melker, presenter of the WOAS Podcast, the strong recovery Bitcoin’s $ 32,000 to over $ 38,000 confirmed two bullish reversal indicators: Double Bottom and Falling Wedge.

Bitcoin Double Bottom

Starting with Double Bottom, Mr. Melker highlighted two consecutive casualties on the four-hour (4H) Bitcoin chart, with a moderate peak in the middle. Such a structure points to repeated rejections by bears. Meanwhile, its vitality increases if an asset jumps back from the second depression to close above the previous peak level.

Bitcoin closed above the double bottom target – the pink line. Source: BTC / USD at TradingView.com

Thus, it appears that Bitcoin did the same during its rally on Friday, prompting Melker to see a rising rally to complete the double-bottom scenario. Bitcoin almost hit the bullish reversal target by hitting the pink line near $ 34,880, as shown in the chart above, awaiting confirmation with a four-hour close.

“The pink line [está] broken, double bottom to be confirmed with a close above ”, noted Melker. “Target around 41K shown. The trading track’s EQ has also broken, it should target the tops of the track. ”

[Nota: O alvo do Fundo Duplo está confirmado até o momento desta publicação.]

Falling Wedge

The other bullish reversal indicator, Falling Wedge, also suggested a hike to $ 41,000 or more after Bitcoin’s escape movement on Friday.

In retrospect, one Falling Wedge in an upward trend it is a continuation pattern that occurs when the market contracts temporarily. The structure indicates the resumption of the upward trend. Again, this means that traders can look for potential buying opportunities when the price closes above the upper trend line of the pattern.

Bitcoin did the same today. The cryptocurrency also closed above $ 36,000, a level with a recent history of limiting bullish gains. He pointed to renewed buying enthusiasm over crucial price funds, suggesting that traders may want to direct Rising Wedge’s breakout targets in the positive direction.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

The Bitcoin Falling Wedge standard points to a $ 50,000 high. Source: BTCUSD at TradingView.com

Usually, an asset values ​​as much as the maximum distance between the upper and lower trend lines of a Wedge. In the case of Bitcoin, the difference is more than $ 11,000. This puts Bitcoin on its way to $ 50,000.

Source: NewsBTC

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