I modified this chart from my previous one (https://www.tradingview.com/v/355On4mu/) in a few ways:
1) Moved the descending portion of the triangle up slightly toward the candle wicks. This lengthened the triangle. I think this better reflected the price action.
2) Changed the time frame on the technical indicators back to a longer length. I had thought, perhaps, by shortening the length of time captured by the indicators that it might provide an early signal for a future price movement, but I think it created more noise than signal.
3) Moved the horizontal portion of the triangle up slightly from around $609 to $610. This reflected a little better where some of the candle wicks reached low prices.
My thought on the price remains more or less the same. I think the price is going to break down rather than up. The , combined with weak makes it more likely than not that price will break lower rather than higher. picked up slightly yesterday, but the overall trend is still very weak.
The price action and make me think we might experience the mirror opposite of what happened when price dropped down under $400. Price and were fairly flat for a while and then price turned up fairly sharply.
Now price has been pretty flat and has crossed below zero. Previously when price fell under $400 was low and crossed above the zero line. So, this raises the possibility that price could see a sharp drop in price.
The first chart I published here (https://www.tradingview.com/v/4pBWY6TB/) was one modified from another user and it is a larger descending triangle.
The only thing I don't like about the wedge - and maybe I haven't drawn it right or seen the correct drawing - is that it doesn't seem to have very many touches on the bottom part of the wedge.
I can draw something more akin to a symmetrical triangle starting from around $555 on the bottom and $657 on the top, but don't know if that is any more helpful than what I have already drawn.
Maybe I am missing something on the wedge. Maybe you could point me to a chart to look at.