Bitcoin has broken out of a 2 month falling wedge and some Altcoins...

Bitcoin

This is a follow up post to our last Bitcoin (BTC)] analysis as recent price action has warranted an update. Last time we concluded that news lately has left us hoping that we actually found a bottom in the high $5000 USD range as fundamentally nothing changed to the negative side with Bitcoin.

CME futures will expire in July, which can cause volatility in either direction, but we feel confident that this will be for the good of Bitcoin this time.

The last time we charted BTC we concluded that we may have bottomed out at 5800 and will rebound. The best and most possible scenario there was that we break out of the falling wedge / falling trend (teal) that has been going on since almost 2 months.

While this has the possibility of a fake-out, it is not very probable as things just collude to the positive side right now. Firstly we are bouncing from the bottom of a long-term accumulation zone (orange) and we also broke out from the falling wedge (teal) while doing so. This means that we have 2 scenarios left during the coming month, we either break out from a previous multi-month falling wedge (pink) resulting in a fully new market cycle starting or we stay in it for another mini cycle or two(red) as there have been 2 cycles already in the wedge.

In the case we are going up right now, be prepared that most major Altcoins will also witness a rise, so now may be a good time to jump on your favorites in case you were planning to, but be prepared for a change of trend. Always do your research.