MajorBitcoinPayne

Possible paths for Bitcoin

BITSTAMP:BTCUSD   Bitcoin
We are obviously in a bullish ascending wedge pattern. higher lows and coming up to retest the 8k resistance. The question is are we going to break out or head down to 7.5k and then back up? or just shoot straight to 9.6k which is our next resistance? My thoughts are we are going to break resistance soon. Seems we have a bull flag inside the wedge and Bitcoin has been rejected 4 times at 8.2k but keeps coming back for more all while building momentum with higher lows on the RSI which is also in an ascending wedge formation. there is a chance we get a bull trap if we get above 8.2k, thats why it is important to wait for confirmation before buying in. For me confirmation will be a 6hr close or a daily close above 8.2k resistance. Weather we get bull trapped and go down to 7.5k or we close above 8.2k, i will buy the dip or buy on confirmation.

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