Broke out the wedge and moving towards the next resistance levels:
On the daily time frame after testing a very strong support zone from $31000 to $28800, the price action of Bitcoin broke out the resistance of the falling wedge pattern. Now there can be two major resistance levels. One is at $36000 another one is at $39500. The price action has been rejected several times previously from these resistance levels. However, the technical target of the falling wedge is $41000. Therefore, if the price action hits this target then definitely it will also break out these both resistance levels and enter the bullish territory.
Volume and DMI:
Now if we take a look at the volume then we have continuity in the buying volume and the volume oscillator is showing the value of buying volume is 10, which is quite well. At the same time, the directional movement index (DMI) is also likely to give a buying signal.
Weekly EMA 21:
For a long time period, the price action of the leading cryptocurrency is moving below the weekly 21 exponential moving average . Therefore, it is very important for the price action to move above this exponential moving average, and once the price mind will hit the target of the falling wedge , that it $41000 then it can also move above the 21 exponential moving average on the weekly time frame chart as well, which will increase the confidence of traders.
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