BTCUSD ready for a quick rally to target 7800?

Bitcoin may be forming up for push higher to re-test 7800 level which was the most recent high formed by the November 24 - 29 upswing. I am looking at the current levels as the possible bottom of a descending wedge (i.e., bullish wedge) where a breakout may turn out to be the beginning of a bull leg with a first target around 7800. Current level is also at the 50% retracement of the November 24-29 upswing mentioned above. I am using the 4HR chart for this potential setup.

Comment:

Market did try to make a break for 7800 but quickly pulled back (price action was too quick for me to react in time so no live trades for me in this one). Now we are seeing some range trading happening and while we are likely to see the price hit the 7800 levels, it might just be a bull leg in a horizontal trading range.

That said, a breakout above this range could mean the pair is going higher.