BTC ASCENDING WEDGE, DESCENDING VOLUME
Updated
on the 4 hour chart, I am seeing an ascending wedge which appears to be accompanied by decreasing volume.
Also, the candlesticks have not surpassed the 50% Fibonacci zone, which leads me to believe that this is not a false pattern.
If the pattern is correct, then another dip can be expected, breaking the ascending wedge pattern. My guess is that BTC would find support around $29,000. I would love to hear your opinions.
BTCUSD
Also, the candlesticks have not surpassed the 50% Fibonacci zone, which leads me to believe that this is not a false pattern.
If the pattern is correct, then another dip can be expected, breaking the ascending wedge pattern. My guess is that BTC would find support around $29,000. I would love to hear your opinions.
BTCUSDComment
Upon further review, I also see that this may be considered an ascending triangle pattern depending on how the upper line is drawn. Volume still has not been increasing from what I see, so it looks unlikely that there will be a strong breakout in the upward direction.
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