Clear confirmation of last bull market support levels at $6,500 has caused a bounce into a bullish wedge preparing to challenge the high edge of the current market downrange.
The next 10 days will determine if we see a breakout or a failure at $7,700-7,800 near the tip of the orange wedge. I expect a failure to $7,350 and a bounce back over $7,700, converting that line back into support. I doubt we see $6,500 again, but if we do, not longer than a few hours.
Repeated failures could see a crash through $6,500 down to $3,500 but i highly doubt it.
Rely on the 12 hour, 2 hour, 15 minute, and 3 minute charts.
The next 10 days will determine if we see a breakout or a failure at $7,700-7,800 near the tip of the orange wedge. I expect a failure to $7,350 and a bounce back over $7,700, converting that line back into support. I doubt we see $6,500 again, but if we do, not longer than a few hours.
Repeated failures could see a crash through $6,500 down to $3,500 but i highly doubt it.
Rely on the 12 hour, 2 hour, 15 minute, and 3 minute charts.
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