BitcoinLong
BTCUSD: Descending Broadening Wedge Pattern and $100K Target
The Descending Broadening Wedge pattern has unique characteristics compared to the Falling Wedge or Flag patterns. While the Falling Wedge and Flag patterns feature converging lines that taper to a point, the Descending Broadening Wedge widens from left to right, indicating increasing market volatility over time. This pattern forms when the price moves within an expanding range, creating a downward-sloping resistance line and a support line that also declines at a steeper angle.
I have identified an intriguing Descending Broadening Wedge pattern on BTCUSD. The chart clearly depicts this pattern through a series of lower highs, depicted by blue arrows, and lower lows, depicted by black arrows. The price tends to rebound between the support and resistance lines, with these rebounds depicted by orange arrows.
To confirm a bullish move, it is crucial to wait for a price breakout above the resistance line of this pattern. A breakout from this resistance will signal a momentum shift and could serve as a strong indicator of a price surge, depicted by the green arrow, with the target for this price surge being the psychological level around $100,000.
I have identified an intriguing Descending Broadening Wedge pattern on BTCUSD. The chart clearly depicts this pattern through a series of lower highs, depicted by blue arrows, and lower lows, depicted by black arrows. The price tends to rebound between the support and resistance lines, with these rebounds depicted by orange arrows.
To confirm a bullish move, it is crucial to wait for a price breakout above the resistance line of this pattern. A breakout from this resistance will signal a momentum shift and could serve as a strong indicator of a price surge, depicted by the green arrow, with the target for this price surge being the psychological level around $100,000.
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