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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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 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....
Crypto analyst Jelle has highlighted a bullish pattern on the Bitcoin chart, which he predicts could send its price as high as $90,000. He also provided a timeline for when this parabolic rally could begin. This comes amid a bullish outlook for the flagship crypto following the Fed rate cuts. Descending Broadening Wedge Could Send Bitcoin To $90,000 In an X post, Jelle mentioned a descending broadening wedge pattern that had formed on Bitcoin’s chart. He claimed that the pattern has a price target of $90,000 and added that he expects the price breakout to this target to begin in October.....
Bitcoin price could be due for a bounce off the bottom of the rising wedge as the consolidation carries on. The 100 SMA is still above the longer-term 200 SMA so the path of least resistance is to the upside. In addition, the gap between the moving averages seems to be widening, indicating stronger bullish momentum. Meanwhile, stochastic has turned higher even without reaching the oversold region. This could be indicative of a return in buying pressure, possibly allowing bitcoin price to make another attempt at breaking past the wedge resistance around $435. Also, RSI appears to be moving....