🔥 Bitcoin Break Out or Fake Out?

Since the dump early last week, Bitcoin has been trading in a downward sloping channel. Since BTC hit the channel's lower trend line, it has seen significant bullish momentum.

This momentum has launched the price outside of the bearish channel. This could mean that we're going to see more bullish price action in the coming week, potentially targeting 50k.

For that to occur, I'm looking at the resistance area based between 47k - 47.5k. A daily close above that area would signal strong upside potential.

First bullish target placed at 48.5k. Patience is key.

On the other hand, this break out might as well be a fake out. Failing to continue to go up might signal more short-term selling pressure, potentially all the way back to 43k.

Happy trading!