🔥 Bitcoin Break Out: Updated
Couple of days ago I made an analysis on the potential future move of BTC. I didn't expect the break-out to happen this early in the pattern, but here we are.
Two days ago, BTC broke out on the bottom side of the wedge. After a day of consolidation between 32k - 33k, we saw a strong upward move in price today, finding resistance on the bottom of the wedge pattern.
Classically speaking, it often occurs that the price will revisit the break out support/resistance again before continuing the trend. See the illustration on the side for an example. So, in case of the bearish trend continuing , we will be seeing a bearish move in the near future. In case this happens, I'm eyeing the red area of support as a potential area of reversal.
On the other hand, this is still crypto and patterns can not win from the massive buying power of certain individuals. A daily close inside the wedge would for me be the confirmation that we can think bullish again.
Happy trading!
Two days ago, BTC broke out on the bottom side of the wedge. After a day of consolidation between 32k - 33k, we saw a strong upward move in price today, finding resistance on the bottom of the wedge pattern.
Classically speaking, it often occurs that the price will revisit the break out support/resistance again before continuing the trend. See the illustration on the side for an example. So, in case of the bearish trend continuing , we will be seeing a bearish move in the near future. In case this happens, I'm eyeing the red area of support as a potential area of reversal.
On the other hand, this is still crypto and patterns can not win from the massive buying power of certain individuals. A daily close inside the wedge would for me be the confirmation that we can think bullish again.
Happy trading!
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