It looks like a descending triangle has formed for BTC on the daily chart. This is a bearish formation in a downtrend which more likely than not, predicts a continuation of the downtrend in BTC. Interestingly, as I publish this idea we are seeing an attempted breakout to the upside of the triangle but this has yet to be confirmed.
This pattern technically has a slight rise in the base of the triangle, so it could also be interpreted as a slightly rising wedge. The rising wedge pattern in this situation could also be interpreted as predicting a similarly bearish outcome.
Remember that these patterns only help us to predict the probabilities of the next move. In this case the pattern is predicting a continuation of the downtrend as a higher probability than a reversal upwards. BUT BOTH OUTCOMES ARE POSSIBLE.
This pattern technically has a slight rise in the base of the triangle, so it could also be interpreted as a slightly rising wedge. The rising wedge pattern in this situation could also be interpreted as predicting a similarly bearish outcome.
Remember that these patterns only help us to predict the probabilities of the next move. In this case the pattern is predicting a continuation of the downtrend as a higher probability than a reversal upwards. BUT BOTH OUTCOMES ARE POSSIBLE.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.