Bitcoin Breakout Right Now?

Bitcoin has been in a consolidation period forming a wedge. Of special interest is the fact the portion of candles in the lower part of the wedge are only wicks.

A popular saying should be 'TAILS ARE FAILS!'.

Price just moved above the wedge. While this could still be a bull trap such wedges produce very tight stop loss zones in which one could easily just observe which direction price emerges from the wedge and place their stop loss at the wedge.

Even if the move should turn out to be fake loss is minimal and the trade can easily be reversed in the opposite direction if need be.

Most traders would do well to look for situations where the risk/reward is favorable. Wedges are one such example.

This is not trading advice. Just sharing my observations and journey. Do your own research. Ya da da da da.