andre_007

Descending Broadening Wedge on Bitcoin (BTCUSD)

Long
INDEX:BTCUSD   Bitcoin
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.

To contribute to my work, I accept cryptocurrency and Paypal.
⚡Bitcoin Lightning Network: forwardocean64@walletofsatoshi.com
🟠Bitcoin: bc1qv0j28wjsg6l8fdkphkmgfz4f55xpph893q0pdh
🔵Paypal: www.paypal.com/donate/?hosted_button_id=96MNFFT9YR35S
Clause de non-responsabilité

Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.