This analysis will take a look at yesterday’s price action, what it tells us about the market and, most importantly, where we can expect price to go from here.
Yesterday we saw a very impressive pump to the upside, after what many thought to be a total collapse earlier in the week. While a upside push to retest previous support (around 7.8k – 8k) was expected, a push through 10k wasn’t, at least in my mind. So, does this mean we are out of the woods and BTC will continue its upward momentum from here?
Short answer: No (at least I don’t see It this way)
If price can close above the resistance trend line of the descending wedge, continue upward or successful retest as support, then I think I will be convinced of upward priority. However, I currently see a fake breakout of this bearish pattern, which will likely lead to another retest of support.
Yesterday we saw a very impressive pump to the upside, after what many thought to be a total collapse earlier in the week. While a upside push to retest previous support (around 7.8k – 8k) was expected, a push through 10k wasn’t, at least in my mind. So, does this mean we are out of the woods and BTC will continue its upward momentum from here?
Short answer: No (at least I don’t see It this way)
If price can close above the resistance trend line of the descending wedge, continue upward or successful retest as support, then I think I will be convinced of upward priority. However, I currently see a fake breakout of this bearish pattern, which will likely lead to another retest of support.