w2314

Bullish consolidation pattern - needs confirmation!

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Apart from all the FUD these days in the crypto space on the daily timeframe the forming chart pattern could be identified as a broadening wedge pattern which is more likely to be resolved to the upside in this case.

This demands of course that the current low is the final low in this pattern and therefor the 200 day SMA holds the price action (currently it looks like it does).

So in the next days/week we could see a rebound at least to the upper line marking this broadening wedge .

If the touch of the upper line of this wedge is happening BUT the BTC price doesn't manage to break out of this pattern we are more likely to make a next lower low before breaking out of this chart pattern.

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I agree with you
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