weslad

Bitcoin: This pattern could easily push price towards 28k-30k

Long
BINANCE:BTCUSDT   Bitcoin / TetherUS
As we all know how Bullish Descending Broadening Wedge could be especially when they break apex of the last rally, this is the situation right now with Bitcoin .

Below you can find basic principle of the pattern:
This type of pattern appears during the correction in a bullish movement, it is a bullish continuation pattern. Resumption of the bullish movement after correction.

The break in the resistance line definitively validates the pattern.
The price objective is given by plotting the wedge’s maximum height onto the breaking point
NB: pullbacks are harmful to the pattern’s performance.(No pull back yet which making the trend stronger)

Statistics of the descending broadening wedge after a bullish movement.

- In 79% of cases, the exit is bullish .
- In 23% of cases, a descending broadening wedge occurs in a consolidation movement.
- In 81% of cases, the pattern's price objective is achieved when the resistance line is broken.
- In 40% of cases, the price makes a pullback in support on the descending broadening wedge’s resistance line.

In respect to this pattern, the projected target for now will be towards 28k-30k which will likely happen before March 2021.

This should be achieve soon as the pattern already in play with the previous rally top been taken out.

Kindly go through the chart and do leave your comments about the expressed view.

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Thank you.
Trade active: Earlier spotted this pattern on ethereum some months ago and its going so cool

Trade active: 19400-19700 is a level to watch, we should watch it carefully.

Trade active: Going exactly as expected

Trade active
Trade closed: target reached: Excellent
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Comments

he(weslad) usually draw good painting not good analysis.
he give money from me but banned me after beginning to complaint against him.
+5 Reply
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Nice bullish long term scenario 🐻‍❄️🙏😊😃
+1 Reply
Beautiful analysis
Reply
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