CRYPTO: XBTUSD BULLISH WEDGE SETUP - BITCOIN BREAKOUT PENDING

As per my setup, there is plenty of room for a lower low. The $3k support is something we've all been watching for and it's here... but that's not to say it will hold. Let's detach ourselves from the sentimental value of BTC and take another look... $2.5k and even $1.5k is possible.

However, I do not believe Bitcoin is dead, not at all. This bullish wedge is as clear as daylight to me.

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The drop was more than twice the size of the impulsive leg up, showing very strong sellers in this area... right off the top boundary of that bullish wedge pattern. Price has now retraced to the 0.382 fib level which aligns perfectly with the EMA50.

I'm not keen on shorting this right now. I would like to see Bitcoin retrace deeper to around the 0.618 fib level and then, providing price action is bearish amongst other factors, I will possibly be shorting this pair.

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Same timeframe as above (H4) and we can see this rising trendline supporting price action. If we miss the 0.618 we can play the breakout on this trendline.

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We had the breakout as expect and price tested that $5.5 - $6k zone with a good rejection but right now that $5k support level looks to be holding well. I do, however, favour a retest of that breakout over a longer term, which should push price down for a lower low.