Double Wedge Squeeze:
This pattern forms when the price of an asset is consolidating within two converging trendlines (one ascending and one descending).
It suggests that volatility is compressing, and a significant move (breakout or breakdown) is likely once the price exits the wedge.
Key Levels:
121K: If the price breaks above 121K, it would signal a bullish breakout, potentially leading to a continuation of the upward trend.
60K: If the price breaks below 60K, it would indicate a bearish breakdown, potentially forming an M pattern (double top), which is a reversal pattern signaling a potential downtrend.
M Pattern (Double Top):
If the price breaks below 60K, it confirms the M pattern, which typically indicates a reversal from an uptrend to a downtrend.
The target for the downside move could be estimated by measuring the height of the pattern and projecting it downward from the breakdown point.
This pattern forms when the price of an asset is consolidating within two converging trendlines (one ascending and one descending).
It suggests that volatility is compressing, and a significant move (breakout or breakdown) is likely once the price exits the wedge.
Key Levels:
121K: If the price breaks above 121K, it would signal a bullish breakout, potentially leading to a continuation of the upward trend.
60K: If the price breaks below 60K, it would indicate a bearish breakdown, potentially forming an M pattern (double top), which is a reversal pattern signaling a potential downtrend.
M Pattern (Double Top):
If the price breaks below 60K, it confirms the M pattern, which typically indicates a reversal from an uptrend to a downtrend.
The target for the downside move could be estimated by measuring the height of the pattern and projecting it downward from the breakdown point.
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.
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.