What's Good Bitcoin?

Bitcoin — 1H Analysis

In my Exclusive Strategies, I discussed the potential of yesterday's breakout of the falling wedge pattern.

The chart shows exactly this. Bitcoin broke out to the top of the bullish pattern and moved toward the CME gap.

However, as a reversal pattern, the target is located above 64k—most likely at the top of the long-term channel (~66.5k). But here's the problem: The breakout wasn't driven by much volume. To see the price increase further, we need two things to happen:

* A higher high on the 1H chart (>60.8k)

* Increasing volume that drives the price surge

Bitcoin — 1D Analysis

Yesterday's bullish price action didn't change much regarding the long-term outlook. Although Bitcoin printed a nice bullish engulfing candle, it simply moved in its sideways channel.

Furthermore, the downtrend based on the VMA is still valid.

Similar to the days before, the level at 60/61k is the one to watch in terms of bullish momentum.