Bitcoin a new trend starts?

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 Bitcoin daily chart


Analysis

After giving a fresh break in falling wedge pattern, prices continues to soar thereby climbing towards its previous high.

It is very clear that the pace of prices to move higher is greater than the entire falling wedge. It is now important to see if prices crosses and sustains above $24000 which will continue the uptrend. If not, counter move is about to begin. RSI which is in overbought terrain can relieve from it just to make vacuum.

From Waves perspective, prices are moving in an impulse fashion and possibly completed wave i, this will open wave ii lower which can remain in the range of $24000-$22000.

The summation is Bitcoin needs to sustain above $24000 to open further positive possibilities which can surge prices towards $25400 levels. Failure to sustain above $24000 will consolidate in the range of $24000-$22000 levels.


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