Bitcoin can hit 8200, or drop back to 7300

Bitcoin can hit 8200, or drop back to 7300

Bitcoin has successfully broken the crucial 7700 resistance zone, the price has passed this level with good volumes and created daily close above this resistance.
Now Bitcoin has an open road up towards 8200-8400 levels, so we can expect more bullish momentum in the coming days.
On the chart we have a rising wedge which volumes are confirming accumulation is going, a break of upper line of the wedge can trigger pump.

But still, even though volume profile is great and show us that price should go up more, still we should be careful if price breaks wedge to the downside, in that case, price can make a dump to 7300 zone again.
At the moment the situation looks bullish, but anyway we should be prepared for both outcomes.

By the way a new bill proposed allowing German banks to keep BTC could be passed if it got the nods from 16 states. Moreover, the Federal Council has passed the bill this Friday and the new bill could come into effect in January 1st, 2020.
So fundamentals are bullish for Bitcoin as well.

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