We can see a falling wedge on btcusd’s 1 day chart and a nice candle break above the top trendline of the wedge with good bullish volume surge confirmation to go with it greatly increasing the probability the breakout of this wedge will be confirmed. If so the full measured move target from the wedge would take price just ever so slightly above the pink neckline. If however this wedge is more valid as a pennant then the second higher target around 31490 will be 100% of the pattern’s measured move. Reaching the pennant target will greatly increase the probability of triggering a breakout of the inv h&s pattern represented here by the pink neckline. A close above both the 1 day 50ma (in orange) as well as the weekly 50ma (not shown here) would also be a very bullish development for bitcoin especially if it can maintain support on those MAs on the follow up daily candle. We have created a gap over the weekend in the CME futures but nothing says we have to absolutely fill that gap. Gap fills are always something to consider but never to expect as a certainty *not financial advice*
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Wedge target hit!
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Getting closer to the full pennant target.