- The Falling Wedge reversal pattern was invalidated by today's rally!
Bitcoin (BTC/USD) is trading at the 51,390 level below 51,500 today's high, which represents the new all-time high. The price's growth is far from being over after today's rally. The aggressive breakout through the 50,000 psychological level invalidates a bearish divergence signaled by the price action.
The 50,000 level represented a critical obstacle. That is why the rate has hesitated around it registering false breakouts. BTC/USD could advance towards 54,000 and 56,000 in the short term after today's development.
BTC/USD Unstoppable!
BTC/USD's minor Rising Wedge pattern was invalidated by today's upside rally. The Stochastic indicator has signaled a bearish divergence on the H4 chart, but the current upside breakout validates a further growth.
The price ignored the first warning line (WL1), resistance level, in the end indicating a potential rally towards the second warning line (WL2). Personally, I believe that Bitcoin will be expected to increase and to reach fresh all-time highs as long as it stays above the Falling Wedge's downside line, the minor black uptrend line.
Bitcoin Trading Tips!
The early morning H4 bullish candle that closed above the Falling Wedge's resistance represented a bullish signal. Also, the aggressive breakout through the 50,000 psychological level signals a further increase.
The WL2 and the R2 (57,140) are seen as important upside targets if BTC/USD jumps and closes above the R1 (52,917).
