Bitcoin Broadening Wedge Formation Indicates Crash Below $30,000
Bitcoin prices fell on Monday, after plunging by more than 12 percent in the previous session, as the US dollar rebounded and US benchmark yields inched higher.
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Bitcoin has broken out of a technical formation that may place it on track toward a decisive test zone between $96,200 and $102,100. If confirmed in the coming days, the movement would represent a major price development in Bitcoin’s ongoing market structure. A crypto analyst highlighted this zone as one where Bitcoin’s trajectory could either extend to new highs or face its next rejection. Related Reading: From Joke To Juggernaut: Dogecoin Value Revolution Gets Nod From Global Asset Giant Descending Broadening Wedge Breakout Clears Path To $100,000 Again Bitcoin’s price action in....
The XTZ price rally, driven largely by Tezos' entry into the NFT space, has ended up painting a classic bearish structure. A recent price boom in the Tezos (XTZ) market risks exhaustion as it triggers a classic bearish pattern.Dubbed as the "ascending broadening wedge," the pattern develops when the price oscillates between two upward but diverging trendlines. According to its creator Thomas Bulkowski, these wedges tell less about buying exhaustion and more about sellers' ambition to take control, i.e., buyers tend to lose dominance every time the price touches the upper trendline.XTZ's....
Calls for a trip back to $20,000 or even lower were in abundance after Bitcoin collapsed by 50% and sent the market into a bearish state. However, the idea that Bitcoin has bottomed is beginning to broaden. That statement is also a double entendre, referencing a potential chart pattern which further supports the theory. Here is a closer look at the potential broadening wedge bottom pattern, how the recent market conditions fit, and what to expect if the pattern confirms. The Case For The Bottom Being In Begins To Build Bitcoin price collapsed from highs set in Q2 around $65,000 to as low....
The Dogecoin price displays strong bullish signals after breaking out of a Falling Wedge formation. The breakout and a successful retest of the wedge pattern have fueled optimism of a potential price rally, with a crypto analyst forecasting a 50% jump to new highs soon. Falling Wedge Breakout Signal Dogecoin Price Rally Dogecoin has been […]
The megaphone-shaped pattern reflects growing disagreement between investors over the next Bitcoin trend bias. Bitcoin's (BTC) latest rebound from below $30,000 has increased its prospects of extending its retracement move higher, at least according to one classic technical pattern.Dubbed as Broadening Formation, the megaphone-shaped pattern appears when the price moves inside two diverging trendlines. Investopedia states that a broadening formation represents disagreement over the next potential bias among investors. As a result, the price forms higher interim peaks and lower interim....