Relax, it's just a pull back

When prices break out from a range, they very often retest.

In this case, bitcoin broke out of a wedge, it is likely going to retest that wedge in the next few days.

It would look something like this:

(Source: https://twitter.com/TA_Professor/status/1098654453987713025)

Then it would go on to make a higher high.

In this case that retest would be around $3,700 and the higher high would be over $4k.

Based on the above chart, I would not be surprised to see bitcoin go to $4,500 or so.

Some are calling for $5k or even $6k on this move.

I am just not sure this move has that kind of power just yet.

$6k is a big resistance point.

If it can get up near there that is unlikely to break on the first touch.

Again my thoughts are that we won't go any higher than $4,400-$4,500 during this next surge.