A wedge structure, consolidating price action forming on the BTC daily chart. I would generally consider this to be a bullish continuation pattern. There is the chance that it could break down of course. Volume is decreasing in the pattern which is further support of the idea. In general, these are sized up by the price difference between the opening end (left side) of the beginning of the wedge. It isn't possible to make an exact prediction until the breakout but roughly we should expect a $9,000+ breakout (up or down) once the wedge pattern is broken. Often there can be a retest of the wedge but it is a small wedge and BTC is overall really bullish right now, so I would expect it to just run again after the breakout.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.