BTC looks like it has broken above a rising wedge and coming back to retest it as support. If we can hold the support, then higher prices (above 42k) could be possible in the short term (days-week away).
Moving up too quickly without a retest may lead to only a temporary increase in prices followed by a more sideways movement which we have been seeing for the last month (since mid-May) between 31k-41k.
There is also a target for a head and shoulders pattern which was reached. Although is was a bit messy, arguably it still played out. The first target is based on the close, the second target is off the wick.
Alternatively, we could lose the retest of support and break down back into the rising wedge (red).
Moving up too quickly without a retest may lead to only a temporary increase in prices followed by a more sideways movement which we have been seeing for the last month (since mid-May) between 31k-41k.
There is also a target for a head and shoulders pattern which was reached. Although is was a bit messy, arguably it still played out. The first target is based on the close, the second target is off the wick.
Alternatively, we could lose the retest of support and break down back into the rising wedge (red).
