Descending triangle for BTC daily
It looks like a descending triangle has formed for BTC on the daily chart. This is a bearish formation in a downtrend which more likely than not, predicts a continuation of the downtrend in BTC. Interestingly, as I publish this idea we are seeing an attempted breakout to the upside of the triangle but this has yet to be confirmed.
This pattern technically has a slight rise in the base of the triangle, so it could also be interpreted as a slightly rising wedge. The rising wedge pattern in this situation could also be interpreted as predicting a similarly bearish outcome.
Remember that these patterns only help us to predict the probabilities of the next move. In this case the pattern is predicting a continuation of the downtrend as a higher probability than a reversal upwards. BUT BOTH OUTCOMES ARE POSSIBLE.
This pattern technically has a slight rise in the base of the triangle, so it could also be interpreted as a slightly rising wedge. The rising wedge pattern in this situation could also be interpreted as predicting a similarly bearish outcome.
Remember that these patterns only help us to predict the probabilities of the next move. In this case the pattern is predicting a continuation of the downtrend as a higher probability than a reversal upwards. BUT BOTH OUTCOMES ARE POSSIBLE.
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