The above chart of Bitcoin ( BTC ) laid out the falling wedge pattern. In a falling wedge pattern, both the upper trend line which connects the highs and the lower trend line which connects the lows converge downwards. The wedge pattern in general indicates a trend reversal. Especially, the falling wedge signals a bullish reversal.
This pattern indicates a breakout in the price trend towards an upswing. From the above chart, we can interpret that the momentum of the downtrend is slowing down.
Currently, Bitcoin ( BTC ) is in the range of $19815. If the pattern continues, the price of Bitcoin ( BTC ) might reach the resistance levels of $22747, If the trend reverses, then the price of Bitcoin ( BTC ) may fall to $17360