Bitcoin Breakout?/

6 May 2021

Bitcoin appears to be testing the upper bound of the range at 59.4K. This would be the third time it has encroached upon this boundary suggesting that it is getting increasingly more comfortable with it, and perhaps gearing to break out. We could potentially be seeing a bull wedge forming. If it breaks out, 61.6K is the next target. We could continue to feel out the range, however, in which case anticipate a brief rejection from current levels. But we are likely to see support at 55.7K or 54.3K.