The current price action appears to be forming or just breaking

🔍 Pattern Analysis:

✅ Possibly a Rising Wedge / Bearish Channel:
• The price has moved up sharply and is consolidating in a narrowing, upward-sloping range, which is typical of a rising wedge—a bearish reversal pattern.
• These wedges often break downward, especially if they form after a steep rise (which BTC has recently had).

✅ Breakout Zone:
• BTC appears to be testing or just breaking above the upper trendline of a prior descending resistance (could be a breakout retest of a downtrend line from a larger timeframe).
• Volume shows a slight uptick, which adds some bullish confirmation, but RSI is in overbought territory (above 70), suggesting caution.

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📊 RSI & Volume Context:
• RSI is above 70, showing potential overbought conditions.
• Volume spiked during the recent move up, suggesting strong buying interest—but watch for divergences.

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🔄 What to Watch Next:
1. Fakeout Risk: If the price fails to hold above the trendline and falls back into the wedge, this would validate the bearish wedge and could lead to a drop.
2. Confirmation of Breakout: A sustained close above ~$108,000 with strong volume may flip this pattern into a bullish breakout, invalidating the wedge.
3. Support to Watch: $106,500 (recent breakout area), $105,000, and the lower wedge line.

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⚠️ Summary:
• Likely Pattern: Rising wedge (bearish), with possible breakout attempt.
• Bias: Cautiously bullish short-term, but bearish risk increases if the price closes back below the trendline.