Greetings Everyone,
We have been looking at BTC's emerging pattern since it jumped passed $35K. What it has been looking like for the majority of the time is a wedge patter with flat top trendline and ascending bottom trendline which is a bullish pattern i.e., probabilities favoring breaking out instead of breaking down. This pattern will end around December 18.
The past couple of up moves however broke above the flat top trendline before falling back into the wedge pattern. While it will have to be confirmed as the time passes, if a definitive break out does not happen in the next couple up moves, it may contribute towards a ascending top trendline (red line on top) which creates a rising wedge pattern that is bearish i.e., probabilities of the break down will increase. If formed, this pattern will end around new year's eve (Dec 31).
As I mentioned, this still have to play out in the next days and weeks but the break out or break down can happen any time between now and the dates of pattern completion. While we hope for the breakout, be aware of the changes in the pattern so that you can minimize your risk as soon as a pattern confirms.
Note: This is not financial advise and shall only be used for educational and/or entertainment purpose.
We have been looking at BTC's emerging pattern since it jumped passed $35K. What it has been looking like for the majority of the time is a wedge patter with flat top trendline and ascending bottom trendline which is a bullish pattern i.e., probabilities favoring breaking out instead of breaking down. This pattern will end around December 18.
The past couple of up moves however broke above the flat top trendline before falling back into the wedge pattern. While it will have to be confirmed as the time passes, if a definitive break out does not happen in the next couple up moves, it may contribute towards a ascending top trendline (red line on top) which creates a rising wedge pattern that is bearish i.e., probabilities of the break down will increase. If formed, this pattern will end around new year's eve (Dec 31).
As I mentioned, this still have to play out in the next days and weeks but the break out or break down can happen any time between now and the dates of pattern completion. While we hope for the breakout, be aware of the changes in the pattern so that you can minimize your risk as soon as a pattern confirms.
Note: This is not financial advise and shall only be used for educational and/or entertainment purpose.
Comment:
Update Dec 4, 2023 - Bullish Breakout confirmed over the weekend - We see resistance around
42K
- $43K and keep $45K as next target
42K
- $43K and keep $45K as next target