Bitcoin on watch - Will history repeat?

$BTC

Bitcoin is firmly on watch as it rips higher today on strong volume, now testing a major confluence zone: the 200 day SMA and the upper trendline of this massive falling wedge (Chart 1 - Daily).

Worth noting: the January 2023 bull run started with a very similar setup: a breakout from a large falling wedge (Chart 2 - Weekly). 👀

A confirmed breakout here could be significant.