Had BTC broken out upwards, it would have confirmed the existence of ascending triangle which in turn, along with broadening descending wedge, would have confirmed that bottom was reached. However, breakout downwards suggests that it was a rising wedge which acted in line with the prior move, as per the direction of the butterfly.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.