"BITCOIN" Rising Wedge Could be Bearish
Quick look at "BITCOIN" i.e. HarryPotterObamaSonic10Inu
Fairly clear rising wedge pattern at play with one false breakdown.
I would expect a retest of the lower trendline, after which watch for a close below that.
A retrace to the upper trendline is always possible, however statistically this is a bearish pattern.
On a breakdown, the first level is the pattern lows (red line), and the next is a measured move of the width of the wedge (orange line).
Fairly clear rising wedge pattern at play with one false breakdown.
I would expect a retest of the lower trendline, after which watch for a close below that.
A retrace to the upper trendline is always possible, however statistically this is a bearish pattern.
On a breakdown, the first level is the pattern lows (red line), and the next is a measured move of the width of the wedge (orange line).
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.