BTC Daily: Wedge forming

Bitcoins is consolidating around the 55k mark and is forming a wedge pattern (yellow lines). After hitting the ATH of 62k is retraced close to the 38.2% retracement and bounced back. There is a lot of thick cloud support and a strong trendline to monitor (purple line). Ichimoku crossover is bullish (blue over red) but the lagging line is in bearish territory (white line). A breakout of this wedge on the bull side could create another big run. Since the retracement was only at the 38.2% level, this market is still moving quite fast. Alternatively a breakout on the bear side will likely get supported by ichimoku cloud and the longer term trend line (purple line).