Further to the last update, price has broken out and smashed through the projected target at $9,350 reaching a high of $9,772.
From here, I would expect profit taking to take place either to the bottom of the rising wedge pattern or the key support $9,000 level which coincides with a consolidation zone from last breakout. This level should offer solid support to maintain the BULLISH momentum. A break of this consolidation zone and the psychological support area will trigger a short term downward capitulation.
The rising wedge can often signal a downtrend. However, do not panic as BTC can also breakout the top of the rising wedge trendline, hit targets near the $11,000 and then fall back rapidly to complete the rising wedge pattern.
Let's wait and see how far BTC will correct now.
Enjoy.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
From here, I would expect profit taking to take place either to the bottom of the rising wedge pattern or the key support $9,000 level which coincides with a consolidation zone from last breakout. This level should offer solid support to maintain the BULLISH momentum. A break of this consolidation zone and the psychological support area will trigger a short term downward capitulation.
The rising wedge can often signal a downtrend. However, do not panic as BTC can also breakout the top of the rising wedge trendline, hit targets near the $11,000 and then fall back rapidly to complete the rising wedge pattern.
Let's wait and see how far BTC will correct now.
Enjoy.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
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Broken through 9k. Next area for support between 8k and 8.2k
