We're currently sitting below horizontal resistance, log resistance from ATH -0.08%, inside an ascending wedge, with textbook Wyckoff distribution, and longs outnumbering shorts. BTC 2.60% will have to break through soon, or it will get rejected hard.
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Typical Wyckoff distribution pattern for comparison: https://c1.staticflickr.com/4/3144/2816723557_f1293f98d9.jpg
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Looks like it broke convincingly past the log trendline, showing some impressive strength not seen for a while. However, we are still within the ascending wedge, so it looks like we're not out of the woods yet. For those who rode this up, I salute you. However, I still think this is due to retrace at some point in the near future. There is too much excitement in the air, and I feel a long squeeze coming, even if it's a small one.
Exciting times for bitcoin! Let's hope this signals a true reversal and the start of a new bull run.
Exciting times for bitcoin! Let's hope this signals a true reversal and the start of a new bull run.