Bitcoin rose a bit yesterday as it touched the top of the wedge pattern it is currently trading within. Now I am expecting one last break of this pattern before we see resolution possibly to the upside. However, the majority of wedges like this would resolve to the downside yet there are many other alt cryptos that seem to be struggling to make their moves upward so I would be more bullish that Bitcoin will try to do the same.
As you can see from the 1 hour chart Bitcoin has been making a slow and choppy move to the upward side of the wedge. This is normally followed with an impulse move to the downside so that is what I am expecting. We should see a break of the current channel and possible test of the lower support line of the wedge.
Now if it does break through and test that lower support there is a good chance we will see a rebound but also we could break through and start another downtrend. However, like I spoke about before, I expect to see upside due to the recent movements in the alt cryptos and how they are just itching to jump higher. We had nearly a 10% gain day in NEO and more should be following in suit.