Descending Broadening Wedge on Bitcoin (BTCUSD)
This is a downward facing megaphone-like pattern.
According to Thomas N. Bulkowski, the breakout direction is upward 72% of the time.
However, it should be noted that the partial decline works 79% of the time.
Also, there is a symmetrical mini triangle, on top of the 0.786 retracement from the August 2015 bottom to the November 2021 top.
At this point I prefer to bet on the high than on the low, but I outlined both scenarios.
Bullish Scenario:
- Considering the triangle, if it breaks up the next target would be $20,943
- Considering the wedge, if it breaks up the next target would be $20,530
Bearish Scenario:
- Considering the triangle, if it breaks down the next target would be $17,076
- Considering the wedge, if retesting the diagonal line the next target would be $16,191.
- Should the wedge break down in an even worse scenario, the next target would be $14,682.
According to Thomas N. Bulkowski, the breakout direction is upward 72% of the time.
However, it should be noted that the partial decline works 79% of the time.
Also, there is a symmetrical mini triangle, on top of the 0.786 retracement from the August 2015 bottom to the November 2021 top.
At this point I prefer to bet on the high than on the low, but I outlined both scenarios.
Bullish Scenario:
- Considering the triangle, if it breaks up the next target would be $20,943
- Considering the wedge, if it breaks up the next target would be $20,530
Bearish Scenario:
- Considering the triangle, if it breaks down the next target would be $17,076
- Considering the wedge, if retesting the diagonal line the next target would be $16,191.
- Should the wedge break down in an even worse scenario, the next target would be $14,682.
To contribute to my work:
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⚡Bitcoin Lightning: forwardocean64@walletofsatoshi.com
🟠Bitcoin: bc1qv0j28wjsg6l8fdkphkmgfz4f55xpph893q0pdh
🔵PayPal: paypal.com/donate/?hosted_button_id=D9KRKY5HMSL9S
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