BTC ₿ Broadening Wedge: A Forecast from Support Trendline

Nov 22, 2023

Dear Respected Investors,

I'm Elysian_Mind from TradingView. For those familiar with our 5-year track record, the customary elements on the chart should provide a sense of familiarity. If you're new to us, let me offer a brief introduction. We specialize in educating individuals on creating their trading AI, often utilizing advanced charting tools like Santiment or TradingView for explanatory purposes. This particular idea is a collaboration between AI and Santiment.

From an AI perspective, this chart results from a sequence of trading bots using a technique known as boosting, employing a random forest algorithm to define forecast subsets. Simply put, the displayed chart represents the culmination of the latest bot's analysis, incorporating insights from all preceding bots in the sequence. The AI has identified a chart pattern known as a broadening wedge, typically signaling a continuation pattern. Assuming a bullish trend, this pattern suggests a continuation of positive momentum.

The support trendline of the wedge, traced from local bottoms within the wedge zone, is noteworthy. The recent retracement to $35,800 aligns with this trendline. The potential upward movement could extend to the wedge resistance, marked by the upper blue trendline at $39,500. These two trendlines illustrate the broadening wedge on the chart.

While our AI leans towards an optimistic scenario, it's crucial to acknowledge the inherent volatility associated with broadening wedges. Accordingly, we've set a stop-loss below the support trendline. We also encourage you to leverage all available safety measures.

This isn't investment advice, so thorough research is recommended.

If you find our work intriguing, we're open to sharing more about our AI's trading analytics with Santiment indicators and insights on training your AI to incorporate Santiment.

Warm regards,

Ely

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