BTC Rising Wedge (Higher probability of breaking to the downside
The rising wedge pattern is a bearish pattern, whether it forms after an established uptrend or during a downtrend.
What does mommentum look like? Check out the daily chart, we see a bullish cross (MACD crossing the signal line) which has just occured. We also have a 'zero line cross over' where the MACD line is crossing above the zero line, which is bullish if it confirms. Too early to say just now.
This rising wedge has lower support lines with a steeper ascending angle than the upper resistance line, which marks a classic bearish rising wedge pattern.
Volume is tapering off for the past few days, so the market is unsure and traders are hesitant.
Conclusion, higher chance of this pattern breaking to the downside. See measured move targets for break outs. Would need a deccent amount of volume to meet those targets so dont be surprised if they do not get met. Personally not trading this.
Love to hear your thoughts BitCoin brothers and sisters
What does mommentum look like? Check out the daily chart, we see a bullish cross (MACD crossing the signal line) which has just occured. We also have a 'zero line cross over' where the MACD line is crossing above the zero line, which is bullish if it confirms. Too early to say just now.
This rising wedge has lower support lines with a steeper ascending angle than the upper resistance line, which marks a classic bearish rising wedge pattern.
Volume is tapering off for the past few days, so the market is unsure and traders are hesitant.
Conclusion, higher chance of this pattern breaking to the downside. See measured move targets for break outs. Would need a deccent amount of volume to meet those targets so dont be surprised if they do not get met. Personally not trading this.
Love to hear your thoughts BitCoin brothers and sisters
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