BITCOIN broke $17000! Will we pause at 18k or continue non-stop?

BTC continues to break barrier after barrier and levels that seemed unrealistic and absolutely out of the question for some a few weeks/ months back, are suddenly a reality. In fact $17000 is the latest psychological level that broke! Despite the excitement by the crypto community, to which I owe a much longer study, due to the shortage of time I will keep this to a minimum.

So 17k broke, what now? Even though many will rush to spot the pattern as a Channel Up, it is truly the Rising Wedge (2) that broke to the upside that should concern us. Why? Because a similar formation took Bitcoin from the low 13000s at the beginning of the month to nearly 16000 in two days! That was the Rising Wedge (1). As you see the LMACD and RSI sequences are also identical, both showing bull flags on the Bullish Cross (for the LMACD) and break-out above the Lower Highs trend-line (for the RSI) respectively.

The break-out wave exhausted on the 2.786 Fibonacci extension from the last Rising Wedge (1) Low before the break-out. If the same pattern is repeated then this new wave may reach its High at $18000 (the current 2.786 Fib).

What do you think? Will BTC take a breath there or this rise is non-stop? Let me know in the comments section!

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