Chart of the day

BTCUSD is breaking higher above the strong resistance of 29500. This break is opening a continuation higher to 33000 which is the rising wedge resistance.

This is viewed as the completion of the medium-term fourth wave pullback of the five waves down. A break below 28000 is now required for a downside reversal and an invalidation of the immediate continuation in the reversal higher.

Long trade, you can open here with a stop loss just below 28500. You can only open short trade entries in case of a break below 28000. We favor the long trade entries as we expect an upside extension after a clear break above the falling wedge resistance for a swing high to 33000.

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