Is SKLBTC beginning a breakout?
Updated
SKLBTC looks to be trending fairly positively over the past few days. On March 9th, 2021, both SKL and MATIC prices increased greatly as they were added to Coinbase. Now MATIC started a breakout a few days ago, is SKL next?
A few weeks ago, it initially looked like this pattern would form a descending triangle and turn bearish , but instead with the latest bitcoin dip, a descending wedge has formed instead (red lines) and looks like a breakout may occur soon. Additionally, it looks like a bullish Gartley pattern also formed around the same time as the dip, further indicating a potential reversal (as indicated by the blue lines).
These bullish scenarios look further confirmed by bullish reversal divergence on MACD as it begins to trend to the positive side (red dotted lines) .
However, no pattern is guaranteed, and there is still a bit of confirmation needed, particularly with regard to volume , but it definitely looks to be a trend to keep an eye on.
And as always, this is not meant as any type of financial advice and is solely my opinion. But as always, please like or comment if you agree or see anything that stands out differently.
A few weeks ago, it initially looked like this pattern would form a descending triangle and turn bearish , but instead with the latest bitcoin dip, a descending wedge has formed instead (red lines) and looks like a breakout may occur soon. Additionally, it looks like a bullish Gartley pattern also formed around the same time as the dip, further indicating a potential reversal (as indicated by the blue lines).
These bullish scenarios look further confirmed by bullish reversal divergence on MACD as it begins to trend to the positive side (red dotted lines) .
However, no pattern is guaranteed, and there is still a bit of confirmation needed, particularly with regard to volume , but it definitely looks to be a trend to keep an eye on.
And as always, this is not meant as any type of financial advice and is solely my opinion. But as always, please like or comment if you agree or see anything that stands out differently.
Comment
It looks like a fake out occurred instead, as an ascending broadening wedge instead ended up forming on the 4-hour chart. This is not to say that a breakout is not still eventually possible, but less likely in the shorter term.Disclaimer
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