🔥 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!