We may only just now be breaking above the falling wedge

It appears now that the falling wedge I spoke about a couple ideas back may only just now be having priceaction breaking above it. If this is the case it means that the top trendline of the wedge was actually at a slightly less acute angle. Either way in the long run it wouldn't surprise me if we end up reaching the target of the wedge with the more acute top trendline as well as the price target of the wedge shown here with the new top trendline, if this correction is finally over. If this new top trendline is the more valid wedge then the breakout target is around 47k. Should we reach this target that will carry price action reasonably above both the 1 day 50ma and 200ma and could help cause the recent deathcross to end up being more of a bear trap fakeout than a deathcross. We are also inside a channel with the descending green trendline representing the top of the channel and the bottom purple trendline of the wedge also acting as the bottom trendline of the channel. We're we to confirm a breakout from the wedge right here and have a measured move target of 47k,. odds are good we would break out upward from the channel on our way to that 47k target. We can see already that the first candle above the new top trendline on the daily chart has already retested the trendline as support. That is a good sign for the bulls but we won't have confirmation of the breakout in my opinion until we see 3 consecutive 1 day candle closes above the trendline or a huge surge in bullish volume and a big green candle to go with it. whichever happens first. For now there is no confirmation of a breakout here on this new top trendline of the wedge but it is looking promising. Stoch rsi still has a good amount of room to move upward on the 1 day chart as well.

Comment:

Target Hit!