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Welcome to this quick BTC update. After the CPI data, BTC quickly pumps above the 22k zone from the important support level of 21.5k level. So what's next?
BTC is forming a falling wedge-like structure in 4hr time frame which is generally a bullish pattern. Currently, it is trading near the upper trendline of the wedge. We need to break and close above this wedge for a bullish breakout. Once it breaks above the wedge we can expect more pump up to 24k from here.
In case of rejection, we might see another retest of the 21.5k level and expect a pump from there.
So the plan is really simple here. Either wait for a breakout or wait for some dip up to the 21.5k level.
Invalidation of this bullish scenario if we get a 4hr close below the 21.3k level.
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