BTCUSD BitCoin on a Gann Fan pattern
BTCUSD have been trading in a Gann Fan pattern.This could be constructed starting from the TrendLines highlighted in previous posts.
After a Bearish trend it partially reversed it by breaking above the 1/2 angle and then the price rejected the resistance at the 1/3 angle.
Moving the chart to better look into future price action (and hoping this won't be too confusing) the Gann Fan applied to the bullish tentative of the currency highlights how this hit the 1/2 angle of the ascending fan, to then fall again under the 1/1 angle.
At present we can see that the price is now trading in a wedge between the 2/1 angle and a former horizontal Resistance.
As wedges/triangles tend to break out approximately at 80% before the vertex, I would expect some action early next week.
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