BTC Ascending Broadening Wedge

An ascending broadening wedge has emerged for Bitcoin over the past few months. These structures are typically bearish, especially if the price action has touched the micro resistance line (top of wedge) five times or more. Keeping in mind nothing is 100%, especially in crypto trading, it is worthwhile to analyze these patterns according to their historical tendencies and hedge your bets accordingly. The SEC in the United States is doing everything it can to spook retail investors and generate distrust in crypto. The crackdowns will continue IMO. This falls in line perfectly with the ascending wedge pattern we see now: the harbinger of more future bearish action and quite possibly a retest of previous lows from last year as this countertrend winds down in preparation for the macro reversal which may happen later this year or in 2024. As a reminder, we still may see another leg up in the wedge to hit resistance once more before the capitulation to the downside through support. Proceed with caution and good luck to all!