The descending triangle pattern we've been assuming BTC to be in for much of the summer may actually be a falling wedge pattern.
Since June, most analysts have been watching one of two patterns play out: either an asymmetrical triangle that hit gradually higher lows as the pattern played out, or a descending triangle that formed a bottom around 9500. Both patterns assumed BTC to be consolidating with an eventual break out.
But the breakout we saw on 24 Sept may not have been actually a break out from consolidation but rather a continuation of a falling wedge we may now actually be in. If the price fails to break down through the bottom trend line (7900-8000), we may see price action go up.
Since June, most analysts have been watching one of two patterns play out: either an asymmetrical triangle that hit gradually higher lows as the pattern played out, or a descending triangle that formed a bottom around 9500. Both patterns assumed BTC to be consolidating with an eventual break out.
But the breakout we saw on 24 Sept may not have been actually a break out from consolidation but rather a continuation of a falling wedge we may now actually be in. If the price fails to break down through the bottom trend line (7900-8000), we may see price action go up.
註釋
I should have been clear, since this is the daily chart, the 7900-8000 target may take up to 3 weeks to be reached so it's a waiting game again :)
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