Looking at for Bitcoin , we see that Bitcoin is forming tightening equilibrium since July 24th and Bitcoin is forced to make another major decision this week. ( and tightening equilibrium, and squeeze further support this point)
I am a reactionary traders so I will not be making any judgement on if this will be bull or bear breakout, but you can use blue as a good indication.
In case of bull breakout, there is still a heavy resistance around $6800, followed by $7400. However, the ultimate target for upcoming rally is $7600-$7800 so we can get higher high instead of lower high.
In case of bear breakout, there is a confluent support at $6000 and bulls will try their best to defend this level. In case bull fails to defend this level, then next support is $5700-$5800.
Be prepared. BIG VOLITALITY WILL BE BACK!
Clearly Bitcoin is setting up something very big and this uncertainty is making me a little bit of scared. Ofc everyone is desperately waiting for bull break, but if this is a bear break, I have a feeling that we will reach $5.7K in no time.