FieryTrading

πŸ”₯ Bitcoin 1.5 Year Rising Wedge Break Out: Pump Coming?

Long
INDEX:BTCUSD   Bitcoin
Rising wedges are classically bearish trading patterns, but can often break bullish during strong trends (same goes for falling wedges during bearish trends).

As of yesterday, BTC has officially broken out of the rising wedge pattern that has been formed over 1.5 years. Bears have been looking at the pattern for a long time now, but are likely wrong on this pattern since the price broke through the top resistance.

It's likely that bulls have been waiting for this break out in order to start buying again. As per my analysis below, a strong volatile move is expected in the short-term.


Keep in mind, a fake-out is still in the cards. Nevertheless, it's more likely that this break out is the real deal. I previously mentioned that 40k was the target for this year. Now that we're trading 3% below 40k, it seems that we will reach it shortly. After 40k, I'm looking at 48k.

As per my fractal analysis below, I think we're going to see some fireworks in the near future.


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