Bitcoin gained 7.8% on Feb 8, confirming a falling wedge breakout on the daily chart. The bearish-to-bullish trend change was backed by a jump in trading volumes to levels last seen in mid-November.
Prices could soon cross the 50-day moving average resistance at $3,642 and test resistance levels lined up at $3,800 and $4,000 in the next few days.
A break below the Jan 29 low of $3,322 would invalidate the bullish setup. That looks unlikely, though, as the high-volume wedge breakout has confirmed bearish exhaustion signaled by falling volumes on the weekly chart.