BTC at a Crossroads: Double Wedge Squeezeto 121K Breakout

Double Wedge Squeeze:

This pattern forms when the price of an asset is consolidating within two converging trendlines (one ascending and one descending).

It suggests that volatility is compressing, and a significant move (breakout or breakdown) is likely once the price exits the wedge.

Key Levels:

121K: If the price breaks above 121K, it would signal a bullish breakout, potentially leading to a continuation of the upward trend.

60K: If the price breaks below 60K, it would indicate a bearish breakdown, potentially forming an M pattern (double top), which is a reversal pattern signaling a potential downtrend.

M Pattern (Double Top):

If the price breaks below 60K, it confirms the M pattern, which typically indicates a reversal from an uptrend to a downtrend.

The target for the downside move could be estimated by measuring the height of the pattern and projecting it downward from the breakdown point.