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Bitcoin - Wedge Breakout is Imminent

Bitcoin priced in USD, or BTCUSD has been consolidating in a falling wedge pattern so far in July. This follows a rallying in late June from around 555 to about 658. 

BTCUSD 7/11 4h chart


As you can see in the 4H chart, price pulled down during the 7/10 session. however, the market quickly found support around 610. You can see that the 605-610 area is a support/pivot zone.

Just ahead of the 7/11 European session, price is around 620, testing the falling wedge resistance. The market looks poised to break the wedge pattern, which should signal bullish continuation, at least to test the 658 high on the month.

The first challenge in the near-term will be around 630. In the 4H chart this is the 50-period simple moving average. Price clearing above 630 adds to the bullish continuation case.