Bitcoin symmetrical wedge breakout or H&S breakdown?

9 oct 2023

For weeks Bitcoin has been forming this symmetrical wedge pattern, and having trouble breaking above the critical 32k resistance zone.

Once BTC can break and close about 32k, I think it's a fast move to the Fib Golden Pocket between 48K-50k.

But for now, this wedge pattern needs a clear directional breakout.

While we could still see a weak Head and Shoulders pattern play out, which we could argue was more of a double top... Either way, the important $25,300 level has to hold, or we go lower.

There's still an unfilled CME gap around 20k, which I would not be surprised (or upset) if we did go down to retest this. As this would likely get bought up quickly, and give us the momentum to really rally from there.

But what I'm seeing is that we'll morel likely break higher from here, and continue the upward trending channel that Bitcoin has been building and respecting.

Time will tell. For now, we've been expecting this pullback.

What do you think? Let's discuss...