Super bullish pattern. Z pattern consists of a bullish pennant, once the breakout was confirmed we then entered the broadening wedge which we entered a bullish manor; which suggests continuation from the previous patterns.
Note that the ascending wedge, is typically 45.8% chance of upside and 54.2% downside.
I will not be surprised if we wick below this powerful structure, in order for whales and exchanges to hunt stop losses. Before heading to the top of the broadening wedge.
40k is an important area, as this would be a lower low if we closed below this level.
Statistics of the ascending broadening wedge after a peak
In 80% of cases, the exit is bearish. In 75% of cases, an ascending broadening wedge is a reversal pattern. In 60% of cases, an ascending broadening wedge’s price objective is achieved when the support line is broken. In 21% of cases, the price makes a pullback in resistance on the ascending broadening wedge’s support line.