RocketBomb
Education

🐻 Wedges Patterns 🐃

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Hello, my dear friends! Today we are talking about Wedges Patterns!
Link on a good view👇🏻

Let's start!!!💪🏻

Wedges are some of the main classical figures in technical analysis . There are two types of wedges:

☝🏻 - Rising Wedge pattern - both sides of the figure are directed up;
👇🏻 - Falling Wedge pattern - both sides of the figure are directed down.

A rising wedge pattern is formed when price increases slow and a tapering pattern forms. Price can't go longer rise further, but at the same time, as if they continue to gradually update local highs. That's suggests, that the pressure of sellers (bears) is gradually increasing in the market.

A downward wedge pattern is formed when price decline slows down and a tapering pattern is formed, and volume indicators gradually decrease. Prices are no longer able to decline further, but at the same time, as if they continue to gradually update local lows. That's suggests, that the pressure of buyers (bulls) is gradually increasing in the market.

💡My picture shows, that the “Wedge” directed 👇🏻 down is a bullish 🐃 model, since the trend is up and the price has broken the resistance line (went up).
And the “Wedge” directed up ☝🏻is a bearish 🐻 model, as the trend is directed down and the price has broken through the support line (went down).

📢 These signals are strong and YOU can trade on them.

⚠ But if the price in both cases would go in the opposite direction (the opposite direction to the trend), then this would be a weak signal. Trading in this case is not recommended, as it's too risky. 🙅🏻‍♀️


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PS : 👇🏻👇🏻👇🏻Below I put links on my previous ideas 👇🏻👇🏻👇🏻




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Comments

Best pattern for crypto
+2 Reply
RocketBomb ArShevelev
@ArShevelev, yeah 😘

Thanks for feedback ☺️
Reply
Class in session ! Yay ! Now that the market is calm, i need to be cramming this stuff, because when the Summer is over, i'm sure going to need it. Right now, all the Market is teaching me, is Range Trading. But soon enough, i'll need to know how to deal with those huge upswings Crypto is known for. Volume, RSI, Stoch, MACD, what i'm struggling with is how to use Fibonacci to estimate how high or how low a certain formation could evolve into. Any tips, Teacher ? (tightens tie )
+2 Reply
@AJFG, I have a lot of edu posts, dear. I'm writing a training manual and I'll finish it so soon😉😉

Are you in my free group?🧐
Reply
AJFG RocketBomb
@RocketBomb, No, i'm not , because i'm not on telegram. Or any other SM , other than YT. I've read all your edu posts, it's just something about estimating "how high or how low", that still hasn't clicked for me yet. Sure, R1, pivot, S1, fine, is it just watching volume/RSI that gives the indication of the strengh of the rise, or is there some other way that still elludes me. Sorry, Teach, for being a pain on the *ss about it, i'm like a dog with a bone.
+1 Reply
@AJFG, Ok, my advice to you: while the market is not quite active, you should collect your TS !!!💪🏻

If you prefer indicators, customize them for yourself. For me they are not informative; late and confused me. And generally annoying.🥴

I sometimes watch them when i'm in a good mood :)))
+2 Reply
AJFG RocketBomb
@RocketBomb, I just realised that it must be past midnight where u at, i'll get out of your hair. Sleep tight , sweetie !
+2 Reply
@AJFG, thank you dear! I am already full of energy and ready to work 💪
+1 Reply
AJFG RocketBomb
@RocketBomb, Great ! Sorry about peppering you, last night. I'll figure it out. I agree that Indicators can be confusing, but first, i need to understand them, so that later, i can know what to discard, and what i need to pay attention to. It's a process of elimination. To make a choice, i need to understand it. What's in the menu for today ?
Reply
@AJFG, Dear AJFG! I inform you that I have successfully reached the starting point of the meeting south of Sevenville. But it is very stormy, Bumbu rum and Fino sherry were of excellent quality. I watch many people who ask how to get to the moon and they are bewildered. I do not know how to help them, and advised me to just wait for the train. I really like it here, it has a calm atmosphere and there is an opportunity to think about the Higher. I am waiting for you and RocketBomb at my cozy table. I also know that RocketBomb will not like it now. And still, dear friends, I’m waiting for you.
Reply
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