Rising Wedge appearing withing 5th Wave
Hello fellow traders
As you may see in the chart the price has formed a rising wedge.
The patterns likelihood of validity is fortified by its occurrence within the 5th wave.
Other indicators of making a breakdown more probable are (ordered descendingly by their weight) :
The patterns projected target is found around 45k
As you may see in the chart the price has formed a rising wedge.
The patterns likelihood of validity is fortified by its occurrence within the 5th wave.
Other indicators of making a breakdown more probable are (ordered descendingly by their weight) :
- the bearish divergence in the RSI (lower highs in it vs higher highs in price)
- the decline in volume within the pattern, and especially the volume of the candles which are forming the higher highs
- the inverted parabolic upper resistance (light blue curve)
- the state of the stoch RSI
The patterns projected target is found around 45k
Note
The analysis seems to hold. No sign of a reversal so far.Note
Note
Quite a well matching fractal that seems to be in play here.
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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.