Technical analysis by wuliwong about Symbol BTC: Sell recommendation (9/28/2023)

Descending triangle for BTC daily It looks like a descending triangle has formed for BTC on the daily chart. This is a bearish formation in a downtrend which more likely than not, predicts a continuation of the downtrend in BTC. Interestingly, as I publish this idea we are seeing an attempted breakout to the upside of the triangle but this has yet to be confirmed. This pattern technically has a slight rise in the base of the triangle, so it could also be interpreted as a slightly rising wedge. The rising wedge pattern in this situation could also be interpreted as predicting a similarly bearish outcome. Remember that these patterns only help us to predict the probabilities of the next move. In this case the pattern is predicting a continuation of the downtrend as a higher probability than a reversal upwards. BUT BOTH OUTCOMES ARE POSSIBLE.