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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
bitcoin broadening wedge megaphone

The Idea That The Bitcoin Bottom Is In Is Broadening

Tony Spilotro by Tony Spilotro
1 year ago
in BTC
Reading Time: 3 mins read
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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 as $28,000 currently. Such a hasty crash that wiped out the entire year’s rally thus far, was enough to turn even the strongest of hands bearish.

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But bears have been unable to push the price per BTC any lower than the level stated above. Bulls have been equally as weak, but one side should soon given in. The tug of war and bouncing back and forth through a widening trading range, has caused Bitcoin price action to form a potential broadening bottom pattern.

Related Reading | Five Bullish Monthly Charts That Suggest Bitcoin Will Blast Off

The pattern in question is called a broadening bottom, which is a traditional broadening wedge with a final partial decline before taking off to retest highs. If Bitcoin price can reclaim those highs, the bull market will be back on with even more momentum than before.

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bitcoin broadening wedge bottom

Is BTC forming a broadening bottom? | Source: BTCUSD on TradingView.com

Broadening Bottom Pattern Could Be The Boost Bitcoin Bulls Need

Chart patterns come in all shapes and sizes. Some of the most common shapes are triangular or wedge-like, which show price action converging to an apex. Wedges can also expand outwardly, and the trading range within them broaden.

After touching the top trend line for one last time before takeoff, a partial decline finds horizontal support around where the first touch of the trend line occurred. With support retested and unable to push lower, price takes off through the upper boundary.

Related Reading | How A Hammer & The Golden Ratio Could Mean 6 More Months Of Bullish Bitcoin

Based on the measure rule, the target would be taken from the lowest touch of the bottom trend line to the top, then applied at the point of breakout. This should theoretically take Bitcoin price back to around $60,000, where it will need to prove that the bull run is still in full effect.

Failure to reclaim former resistance and flip it to support, could result in another try for below $28,000 – and with more momentum at their back, bears could ultimately be successful.

Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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