a breakdown from the smaller potential risingwedge here= $8506

the rising wedge has 2 possibilities for its bottom trendline. the longer one in light blue would have a much steeper fall to it. The shorter one that's an even lighter blue almost white color would have a less steep breakdown target but if it broke down from that wedge on the current 1day candle the target would lineup perfectly with our horizontal support at 8504 as well as fill the CME futures gap that's still hanging out down there. Still a chance we could just continue higher too but probability favors this breakup from the rising wedge being a potential fakeout still. However in many parabolic bull runs in the past we've seen bitcoin defy probability and break upward out of several rising wedge patterns so that's still a possibility. I will await some sort of confirmation either way to play it safe. I could easily see us dipping below the 1 day 50ma briefly just before the golden cross to scare people into thinking the golden cross will be a fakeout but I think ultimately we will simply form a follow up higher low to the higher high we just achieved. We will see soon enough.