As I mentioned previously, Bitcoin has tested this resistance 3 times now and it seems we've finally broken through. I wasn't happy with my previous analysis so I decided to readjust some things. Finally, I am satisfied with this plan .
We have a breakout on both the daily and the H4 - Bitcoin looks great right now! Be cautious of price failing to stay in this channel, often times these can be false breakouts. I don't believe this to be one of those times, just something to keep in mind.
First, let's reach for the 162% ext @ $5888, and then we can think about the next step. Here's my take on 6k; A lot of people are expecting it to be major resistance and have sell orders stacked sky high in that area. Spoiler alert, they're wrong. It seems very likely that those "sucker's rally" traders are now beginning to create a liquidity pool above 6k which is very very likely to get raided in the near future. This could be the catalyst needed to push us towards the top of the next channel.
Bitcoin is still cautiously attempting to find a new channel in which to consolidate. The past weeks, have shown that there obviously are more hidden buyers waiting in the wings than anyone had previously thought. All of this talk about, pullbacks to 4k, things like that - it's just noise. If you wanted to buy at 4k, you should have done that weeks ago. The market is unforgiving, don't forget that!