- Bitcoin broke out on of the descending wedge formation on Saturday.
- Now the price is looking to retest the chart pattern after pulling back below 10K.
Bitcoin met some resistance on Saturday after breaking past 10K and meeting lots of resistance at 10,540.49.
When breaking out BTC/USD also broken the descending wedge formation on the daily chart.
Today the price has pulled back and could be testing the structure of the pattern before moving higher.
The break lower on September 24th caught lots of bulls by surprise but this seems to have been some kind of bear trap.
Even on October 23rd, there was another move lower which took out the 7,701.00 support level.
Now the volume on the buy-side has engulfed the sell-off on both sell-offs mentioned above and it seems the bulls are in the ascendency.
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