Bitcoin (BTCUSD) Falling Wedge (Learning)
Updated
Falling Wedge
"The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge. In contrast to symmetrical triangles, which have no definitive slope and no bias, falling wedges definitely slope down and have a bullish bias. However, this bullish bias cannot be realized until a resistance breakout."
We want this falling wedge to break to the upside.
If the pattern fails, we are looking at $3650 - $3750 for support.
If the pattern succeeds, we are looking at ~$4500 as our target.
This is an educational post. Thanks a lot for reading.
Hit LIKE!
Namaste.
"The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge. In contrast to symmetrical triangles, which have no definitive slope and no bias, falling wedges definitely slope down and have a bullish bias. However, this bullish bias cannot be realized until a resistance breakout."
We want this falling wedge to break to the upside.
If the pattern fails, we are looking at $3650 - $3750 for support.
If the pattern succeeds, we are looking at ~$4500 as our target.
This is an educational post. Thanks a lot for reading.
Hit LIKE!
Namaste.
Comment
Comment
We have a successful breakout: Additional bullish action expected.
Thanks a lot for your support.
Comment
Here is your reversal signal, a high volume Doji: Comment
Everything going fine as expected: XBT updates:
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