BTC will either go back down into the channel and possibly hit 6.5k or if it breaks out here could be starting a new trend. Gota wait for the price action to know for sure.
Note
Longer time fram perspective if we see a break out of the channel here then the upper side of the wedge will be the next target high.Note
BTC is either in a wedge (puple) or a channel(blue). The good news its both to the upside! a break out above the green line should be a buy or just hold and wait for massive wedge pattern above to play out. Short term and long term opportunities here.Note
Looks like BTC prefers the wedge over the channel. This is good because we should see explosive moment closer to the end of the wedge. Next stop is about 9k before we hit resistance and try to break out of the bigger wedge BTC has been doing for many months.Note
Still following the wedge we may see a break out in the next few hoursNote
Break out of the wedge decided to go the other way however we are still in the upward trend in the long term. If we see a breakout soon target will be around 9k before resistance if we follow the current linear regression then 8.8k is the target. Then we will see if BTC is ready to escape the current trend and create a new upward pattern. Or if it will test the lower side of the wedge again.Note
closer look at current action. We should see a bounce here if my theory is correct.Note
Looks like testing of the lower side of the wedge is going to happen. target is 7050 before support is found. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.