As the market remains at its levels between $5500 down to $5200, the price of BTCUSD is yet to see a major dump or pump.
On the daily time frame, the price of BTCUSD has been spotted forming a chart pattern called the Ascending broadening wedge pattern.
The ascending broadening wedge is a chart pattern that tends to disappear in a bear market. Most often, you'll find them in a bull market with a downward breakout.
Price trend can be up or down leading to the pattern
Shape looks like a megaphone tilted up.Both trendlines slope upward. The top one slopes more steeply than the bottom one.
At least three peaks and three valleys should touch their respective trendline.
Breakout trends downward 52%/ 48% upward of the time. 81% break out in the same direction as that leading to the pattern and they tend to outperform reversals, too.
Percentage meeting price target for up/down breakouts: 70%/65%, which is more reason why we advise all traders to wait for a valid brakout before taking a trade.
Targets to the up side still remains $6k+
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
On the daily time frame, the price of BTCUSD has been spotted forming a chart pattern called the Ascending broadening wedge pattern.
The ascending broadening wedge is a chart pattern that tends to disappear in a bear market. Most often, you'll find them in a bull market with a downward breakout.
Price trend can be up or down leading to the pattern
Shape looks like a megaphone tilted up.Both trendlines slope upward. The top one slopes more steeply than the bottom one.
At least three peaks and three valleys should touch their respective trendline.
Breakout trends downward 52%/ 48% upward of the time. 81% break out in the same direction as that leading to the pattern and they tend to outperform reversals, too.
Percentage meeting price target for up/down breakouts: 70%/65%, which is more reason why we advise all traders to wait for a valid brakout before taking a trade.
Targets to the up side still remains $6k+
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.