Happy Sunday crypto friends! We've been in a bit of consolation since Friday when bulls blew through the $10k level. Now, it's looking like we have a small bull break from a consolidating wedge pattern. Bulls need to show follow through here, otherwise we run the risk of a huge fake-out.
5-Minute volume climax already came in so far when bulls broke the breakout level at $10,750. We will see if the bears step in and push prices back down to confirm a fake-out, or if bulls can maintain.
Daily chart is still forming inside bars today, so we will see if there's a break or the inside bars continue. If the daily closes and then bulls break $10,890, we will see a likelihood of the upside continuation. Current daily would need to break $11,215 in the next five hours which isn't likely.
Support is around the $10,500 level and bulls have been holding closes on longer charts above this level.
Hope you've all had a great weekend!