Hi dear friends, on 12hr chart, price action has formed a wedge and within this pattern, the priceline is moving in a very synchronized manner with the combination of stochastic oscillator and the momentum indicator .
It can be noticed, whenever the price action reaches the resistance and if the stochastic give bear cross from the overbought zone and the momentum turns weak bullish from strong bullish then price action of Bitcoin goes down to the support.
But this time the price action reached the resistance and stochastic is still not overbought and momentum has just started turning bullish as it was strong beaish and now just turned weak bearish .
https://www.tradingview.com/chart/BTCUSD/0YqGaCfo-Bitcoin-BTC-why-it-can-be-a-perfect-breakout/
Therefore this time we can expect a closing above $60K on the daily time frame and a big move is possible in the short and mid-term. But for a final confirmation, we can wait for the retest of previous resistance as support.
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