Can btc break out of the wedge short term?
Updated
Dear traders, looking at the 30 minute chart we can see that BTC has entered a falling wedge and is attempted to break out of it, at the same time it now has to face a rising support line which in this case will be working against it as resistance. At the time of me writing this bitcoin is currently testing the top of the falling wedge which happens to overlap with the line of resistance. the MACD at this time is also looking good indicating the bulls are in control. The RSI is also increasing however it's worth nothing it isn't in overbought territory. With these factors taken into account I would argue that bitcoin is currently setting up for a bullish run and I have personally set a target for the short term of $12,000. Although there is still a possibility that the resistance is too much for bitcoin and it falls further into the wedge before we see another test of the price level. However please note i'm not a financial adviser and any investments you make should be at your own risk.
Trade closed: target reached
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