On the day chart we can see that wedge that Bitcoin has been in and based on that we can figure that within the month or so we’ll be at the end of that wedge and as always whenever you get a wedge close you know your gonna get some major movement one way or the other.

If we keep following that it will take us down to 25 or 26k before we see that much needed reversal in which case we would likely finally see the flip and really be on track for our new record numbers. But right now we are within the wedge and it’s important to keep it in mind. You see us move below and out of the wedge it’ll be hell and we could get dragged down to 22k in that case before seeing any move back up. But for now we’ve managed to trade within the wedge that seems to have formed and in the least we can see how things can go both ways now.

Our resistance right now is 32k with us usually getting slammed at that mark so we’ll have to see some support at or above 32k at least before we can look towards positive movement or if we exit out of the wedge then that’ll be extremely bullish but keep mind that bears will definitely try to pull us back down but whether or not that will work will simply have to be seen.