BTC attempting to breakout of falling wedge/form a higher high
Updated
Very positive signs as of late for BTC as we can see on the 4hr chart we have already formed a higher low at $7270 and are now setting our setting our sights on following that up with a higher high which we will need to get above $7661 to reach. If we do achieve this higher high and then follow it up with an additional higher low then I am confident we have gone back into bull mode...So we need to watch for both a higher high and an additional higher low to be confident we are going bullish. However it appears we are attempting to break bullishly upward from the current green falling wedge pattern I have on the chart and if we trigger that breakout I think a higher high is pretty much a certainty. We will need an additional 4hr confirmation candle to close above the triangle as well and a nice surge in bullish volume to go with it. Another good indicator will be if we can finally climb above the 60 line on the 4hr RSI which has been putting up solid resistance so far. If we trigger a bull breakout from the falling wedge we will certainly be getting over the 60 resistance line on the rsi and hopefully flipping it to a line of strong support as well....If we can flip the 60 line on the RSI to a strong line of support then we should see a nice bull run with only higher lows, higher highs, and sideways consolidation for a good portion of June. Very encouraging signs.
Note
I'm also noticing what appears to be a valid inverted head and shoulder pattern which if validated should send the price back to 8,000 to test the top trendline of the larger triangle pattern. s3.amazonaws.com/tradingview/snapshots/s/sV4Uz9pN.png
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