Bitcoin continued its pump up and is now trading above 11,000 dollars. It’s also trading within a rising wedge, but while that’s a bearish pattern, BTC often happens to pump out of those wedges. This means that BTC could take yet another leg up within the next few days – and if it doesn’t, that’s neither a bad thing.
Bitcoin trading sideways and cooling off before its next leg up might also allow it to establish some support, perhaps around 10,500 – 10,800 dollars. And if that happens, BTC might fill the CME gap at 11,700 dollars and could even pump all the way up to its next important resistance at 14,000 dollars.
Something worth noting is that Bitcoin’s price action is looking very similar to gold’s price action. I’m not saying that Bitcoin is the digital gold – but if it will become digital gold, this could be the first sign of it.