Pretty self-explanatory.
If we close beneath the current rising wedge support then we should anticipate a correction down on to the base support of the encompassing wedge pattern (approx $8,900).
If we somehow manage to find new bullish support - perhaps from the soft launch of Bakkt today - then we'll need to see a strong daily close above $10,700 to confirm a bullish breakout from the encompassing wedge pattern.
First point of resistance would likely be around $11,890 if the upside move transpired.
Thanks
If we close beneath the current rising wedge support then we should anticipate a correction down on to the base support of the encompassing wedge pattern (approx $8,900).
If we somehow manage to find new bullish support - perhaps from the soft launch of Bakkt today - then we'll need to see a strong daily close above $10,700 to confirm a bullish breakout from the encompassing wedge pattern.
First point of resistance would likely be around $11,890 if the upside move transpired.
Thanks