Bitcoin (BTCUSD) Buy Stops Triggered But Meets Selling Pressure. Breakout Not Yet Confirmed

In early trading, Bitcoin (along with the rest of the Crypto space) broke above the top of the descending triangle that the whole world seems to have been watching. This looks to have triggered a lot of buy stops which is unsurprising given the level of short interest as according to Bitfinex. BUT, price is now 11.5% off its high as the buy stop action met immediate selling. An upper wick of that kind of length, on an increase in volume, is not something that you would want to see at in a bull market environment but most importantly, it shows that we have to wait for price to confirm the break, which given the selling being encountered, is yet to be done.

I've wrote about a couple of concerns I had with Bitcoin here and also what my price targets would be once a break is confirmed here. For now though, the main point still to be made is that we need a clean break to be confirmed in either direction, before having any confidence of a sustained move.