I don’t really like to see direct breaks. When the market tries to break a key level right after several days of upside, it often turns out to be a fake-out mainly because the market runs out of momentum.

The last two times Bitcoin attempted to break out above a key high, it got rejected first time by around 30%, and the second time by roughly 11%.

Not saying we’ll see another rejection here, but based on how I like to see price action develop, this setup isn’t my favorite. I usually prefer some kind of consolidations before breakout.