Hi all, as you can see BTC has rallied within the previous week to retest the top of it's current downward channel (Blue lines).
I've presented here 3 different potential outcomes for BTC.
1) BTC rejects from the top blue trend line and continues in it's current downward channel targeting $7900-8000 at the bottom of the channel.
2) BTC rejects from the top blue trend line and continues down but finds support on the broadening bullish wedge ($9800 bottom pink trendline).
3) BTC breaks out of downward channel and moves towards the top of the broadening wedge $20,000-22,000 (pink trendline).
Also, take note of the triangle forming within the downward channel and the broadening wedge. (Highlighted in white).
I've presented here 3 different potential outcomes for BTC.
1) BTC rejects from the top blue trend line and continues in it's current downward channel targeting $7900-8000 at the bottom of the channel.
2) BTC rejects from the top blue trend line and continues down but finds support on the broadening bullish wedge ($9800 bottom pink trendline).
3) BTC breaks out of downward channel and moves towards the top of the broadening wedge $20,000-22,000 (pink trendline).
Also, take note of the triangle forming within the downward channel and the broadening wedge. (Highlighted in white).