Bitcoin Broke Out Of Bearish Wedge — Weekly Candle To Close Below 60k!
As discussed this morning, Bitcoin broke out of the bearish wedge and has already dropped by more than 3%.
Bitcoin confirmed the breakout on the 4H chart. As a result, a move towards 57k seems likely. If 57k doesn't hold, the bottom trend line of the channel at 54k will serve as strong resistance.
However, we are not there yet. So far, the daily volume has been meager. If the Asian market starts bullish in the new week, we could see a quick reversal.
More importantly, the current drop will lead to a weekly candle close below 60k and a less bullish candle. Accordingly, we might see some sideways price action before Bitcoin continues its climb toward the upper resistance of the current long-term channel.
