Bitcoin has just broken out from a bull wedge pattern. It could have gone either way, since the trend was actually bearish before the consolidation pattern. We are above $50.8K, which is a support level. This is a good sign, but if it is a fake out, and we retrace further, another smack down could bring us all the way back to $45K or even $42K. The next level of resistance will be $53K, and we have one more level to go before highs. Don't get too excited for new highs just yet. Bitcoin typically feels out a large range for a while after a retracement before making a run for highs again so be patient and add on dips.
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