Fan Yang
1
All posts from Fan Yang
Fan Yang in Fan Yang,

Bitcoin - a Followup on the Wedge Breakout

Towards the end of last week, I noted an imminent breakout of a falling wedge that Bitcoin prices have been in during July.

Bitcoin - Wedge Breakout is Imminent (7/10)
Price indeed ended the week with a bullish push above the the wedge we can see on the 4H chart:

BTCUSD 4H Chart 7/14

The breakout swing is over and the market is taking a break. I noted that there is a support/resistance pivot around 640, and the market did use that area to challenge the current breakout swing.

If price can hold above 620, the bullish breakout should still be valid, and price is poised to continue toward July's highs just under 660.

A break below 615 will likely invalidate my bullish continuation scenario, and call for a longer period of consolidation, possibly for the rest of July.