You can see that BTC has beautifully broke up. However if we look at the total crypto market there was no breakout.
This could indicate that there is further downside or that the real test will be after BTC's breakout of the descending broadening wedge
if we look at current price action of BTC
If BTC breaks 39k it will go and test the highs of 43-46k. Breaking 46k will start a new bull run, probably to a new all time high.
However, BTC already broke down from both the triangle formation and the descending broadening wedge pattern.
Now if it gets rejected from the same trendline it will dump quick and by a lot, probably retesting the lower 30s.
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Comment:
breakout support targets
breakout support targets
During todays crash BTC went down to 34.3k and found support from the trendline, now it is all the way up again, if it breaks 39k, it will reach 43.5k, and if it crashes again this time it would go down to 32.8k but could fall through this 4 hourly trendline easily.
BTC perhaps has already bottomed, but if it hasn't 33k, 25-26k are levels to consider.
Not to mention that there is a CME gap at 25k and another at 19k. Although I am hopeful we have bottomed and very doubtful that we'd ever see a BTC priced under 25k.