Like cures like, at least that's what homeopathy propagates!
Ascending broadening wedge with prior upward move and partial rise to content with is likely to take BTC to the the valley of 7000 along with dear friends butterfly and rising wedge for hair treatment with Pantene!
Had BTC broken out upwards, it would have confirmed the existence of ascending triangle which in turn, along with broadening descending wedge, would have confirmed that bottom was reached. However, breakout downwards suggests that it was a rising wedge which acted in line with the prior move, as per the direction of the butterfly.
The butterfly seems to suggest that the price action may face fierce resistance and may not be able to break 9255 but then what does it knows when itself compromised!
Descending broadening wedge to be precise, usually breaks upwards... may perform poorly though, in case of upward breakout, because of upward trending volume and vice versa!
Looks like the party is over Or Is it about to start Or There was NONE to begin with? Despite having not 1 but 2! It appears that there're going to scattered (wayward) showers with a chance of lightning bolt strike.
Nope... Problem? The slope of neckline! Even if the breakout occurs it may be poor performing. In the end the bat should prevail.
Reistance at 7469 is broken, price action may take the indicated path!
Bears seem to have survived the lightning bolt And the symmetrical triangle seems to have double bluff The quest for prz pearl takes to 222 Provided bears get exhausted once they enters 8000 zone, the target could be in the region of 15-16000 And if bears are able to break the green channel, the first target could be in the region of 4-5000 Catastrophic? It could...
Bears invaded and now seem to be in full occupation. And they do not appear to leave any time soon.