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Bitcoin Megaphone Pattern Targets $260K as BTC Price Screams ‘Oversold’
The bullish megaphone pattern, also known as a broadening wedge, forms when the price creates a series of higher highs and lower lows. As a technical rule, a breakout above the pattern’s upper boundary may trigger a parabolic rise. Bitcoin’s daily chart shows two megaphone patterns, as shown in the figure below. The first is a smaller one formed since July 11, and the recent rebound from the pattern’s lower trendline at $108,000 suggests the formation is indeed playing out. The pattern will be confirmed once the price breaks above the upper trend line around $124,900, coinciding with the new all-time highs ... (full story)
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