$BTC UPDATE: breakthrough confirmation, finally!
2024-10-20

CRYPTOCAP:BTC  has finally broken out of its descending wedge channel! I’ve seen people claim otherwise, but they’re wrong! Both the daily and hourly charts confirm the breakout, and  CRYPTOCAP:BTC  is now sitting above the descending trendline, using it as support.

What’s next?

The most likely scenario is a correction to around $65.5k before a push to $71k. A new rising wedge pattern has formed, and we’re currently at the top, which is acting as resistance. The MACD is also hitting a top resistance level, and the RSI is at 63, signaling it's overbought and needs to reset. There’s also an RSI bearish divergence on the daily timeframe that needs to play out.

All these factors point to a small pullback, reintegration into the rising channel at $65.5k, followed by a breakout and consolidation around $70k.

However, another scenario could unfold. With Trump almost certain to win the election, investors may already be positioning for a pump. This could cause an anomaly, pushing  CRYPTOCAP:BTC  directly to $71k without consolidation, driven by FOMO. In this case, we’d see a pump to $71k and then consolidation between  FWB:65K  and $71k until the MACD and RSI reset lower.

Let’s see how it plays out—Sunday afternoon should set the tone for the week ahead.