🔥 Bitcoin Huge Break Out From Descending Wedge

A couple of days ago I made an analysis on Bitcoin where I argued that BTC was likely to reverse in the near future.

The reversal area indicated in my previous analysis did indeed hold and Bitcoin reversed sharply. Furthermore, as of this morning BTC has broken out of the descending wedge pattern that it has been trading inside for almost all of September.

Yesterday I made a statistical analysis on Bitcoin's performance during Q4. With Q4 being a very strong quarter, historically, I think we're going to see more bullish price action in the coming weeks.

For now, I'm expecting BTC to consolidate around the $45k resistance. With sentiment shifting, it's a matter of time before we will break through. Mid-term targets placed at $47k and $48.5k.

Happy trading!

Comment:

$47k reached! Didn't expect this huge move, but still great to see. Next target: $48.5k