BTC/USD is trading around $48,000 after a pull back towards $43,000 during the weekend. Price has formed a downward sloping wedge pattern and is now breaking out of it. As long as price is above $43,000 we could see a move to new all time highs towards $60,000.
BTC/USD has broken out of the wedge pattern and usually when such break outs occur, price moves towards the start of the wedge pattern. The entire pull back from $58,258 could very well be just a pause in the bigger up trend and that is why give importance to this break out. This could be the start of the next upward move towards $60,000. Support is found at recent low at $43,117. Price has broken also above recent high of $48,313 that produced the $43,117 low, breaking the sequence of lower lows and lower highs.
