Descending Broadening Wedge on Bitcoin (BTCUSD)

25 Eyl 2022

This is a downward facing megaphone-like pattern.
According to Thomas N. Bulkowski, the breakout direction is upward 72% of the time.
However, it should be noted that the partial decline works 79% of the time.

Also, there is a symmetrical mini triangle, on top of the 0.786 retracement from the August 2015 bottom to the November 2021 top.

At this point I prefer to bet on the high than on the low, but I outlined both scenarios.

Bullish Scenario:
- Considering the triangle, if it breaks up the next target would be $20,943
- Considering the wedge, if it breaks up the next target would be $20,530

Bearish Scenario:
- Considering the triangle, if it breaks down the next target would be $17,076
- Considering the wedge, if retesting the diagonal line the next target would be $16,191.
- Should the wedge break down in an even worse scenario, the next target would be $14,682.