BTCUSD is testing support on descending broadening wedge
This is a continuation from the BTCUSD pattern discussed on January 26th, 2022.
Recently, Bitcoin’s price broke above a descending broadening wedge (orange lines) pattern in the daily chart.
The daily RSI also broke to the upside from the downtrend (orange line).
The recent price drop from USD40k to USD38.3k may be the beginning of a path toward finding support on the descending wedge pattern (green band).
While 38.3k provides support (green horizontal line), support may be found around ~USD35k (yellow circles), which coincides with the lower Bollinger band.
Recently, Bitcoin’s price broke above a descending broadening wedge (orange lines) pattern in the daily chart.
The daily RSI also broke to the upside from the downtrend (orange line).
The recent price drop from USD40k to USD38.3k may be the beginning of a path toward finding support on the descending wedge pattern (green band).
While 38.3k provides support (green horizontal line), support may be found around ~USD35k (yellow circles), which coincides with the lower Bollinger band.
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