Very simple chart basic idea I would like to share. Bitcoin seems to me to be forming some form of ascending broadening wedge. While the upper trendline is debatable, we are now closing in on a double bottom of the lower trendline. If it breaks below I believe target would be something around 5500-6200. While not impossible my opinion is that scenario will be unlikely to happen. I believe we will hug the line for a period of time before running back to the top, which would bring us to 16-18k roughly. My first time with this pattern I dont know how they play out long term or if this is what bitcoin is actually doing or not. Just an idea give a thumbs up if you agree, please comment if you dont as to why not I'm more than willing to learn.
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A little update with fib retrace . You can see we wedging up in a corner now. From what I see some type of falling wedge or similar in my opinion will result in a rather violent breakout to upside. I believe Bitcoin is insanely bullish and wants to go to 100k and beyond no correction. But that's not possible or healthy and market makers and algos are doing what is correct but against the will of Bitcoin forcing it to do something it doesn't want to but for it's own good. This creates a pressure cooker type affect and when the lid blows bitcoin likes to violently recover with a vegenage and seeks revenge with an even harder pump. This is just my opinions and thoughts on the market DYOR.
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Sorry the pattern formed from the fib retrace trendline and the parabolic trendline formes a symmetrical triangle. The trend is your friend until it isn't.