Broadening Wedge Dynamics and ATH Potential
2024-02-29
Category: None

Bitcoin continues its remarkable ascent, nearing a re-test of its all-time high (ATH). Recall our previous analysis discussing the potential for a MEGA re-test around 69k; this analysis remains pertinent in gauging immediate price direction. for clarity about the analysis check it out:


Today, we delve into a pattern influencing Bitcoin's price dynamics in both direct and inverse ways:  the Broadening Wedge . Examining the chart, we observe the recent downturn driven by a descending broadening wedge, followed by a notable bullish rally within an ascending broadening wedge. This juxtaposition is remarkable.

While the price is nearing the upper trendline of the ascending broadening wedge, the forthcoming developments will be intriguing. Building on previous setups, we anticipate a significant rejection from this level. 

Additionally, another plausible formation could emerge: a massive Round Bottom pattern nearing its peak neckline, poised for a re-test of the previous ATH.


 We welcome your thoughts on our latest findings and analysis.