#BTC: IS THE DOWNTREND ENDS HERE??
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Welcome to this BTC update. BTC is trading inside a broadening wedge pattern in the daily time frame and currently hovering near the lower trendline of the wedge.
Every time the price tested the lower trendline, it formed a new lower low but, the first time, it made a Lower high, hinting at a possible shift in momentum. This could signal the end of the downtrend and the beginning of a new uptrend.
A potential bullish outcome includes a new all-time high by the end of the year.
Invalidation: Daily close below the previous lower low.
What are your thoughts on BTC's current price action? Share your analysis in the comments!
Appreciate a like and follow if this analysis helps!
Welcome to this BTC update. BTC is trading inside a broadening wedge pattern in the daily time frame and currently hovering near the lower trendline of the wedge.
Every time the price tested the lower trendline, it formed a new lower low but, the first time, it made a Lower high, hinting at a possible shift in momentum. This could signal the end of the downtrend and the beginning of a new uptrend.
A potential bullish outcome includes a new all-time high by the end of the year.
Invalidation: Daily close below the previous lower low.
What are your thoughts on BTC's current price action? Share your analysis in the comments!
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