Looking forward to seeing how this one plays out. Major long term down trend followed by ascending wedge...not looking good for btc even in this Q1 bull market:
From investopedia, "Conclusion
Rising wedges have a relatively low risk/high reward ratio and, as a result, they are a favorite among professional technical traders. But there are many false patterns or patterns in disguise that may come off as rising wedges. The only way to differentiate a true rising wedge from a false one is by finding price/volume divergences and to make sure that the failure is still under the 50% Fibonacci retrace. As this historical example shows, when the breakdown does happen, the subsequent target is generally achieved very quickly."
- www.investopedia.com.../07/rising_wedge.asp
From investopedia, "Conclusion
Rising wedges have a relatively low risk/high reward ratio and, as a result, they are a favorite among professional technical traders. But there are many false patterns or patterns in disguise that may come off as rising wedges. The only way to differentiate a true rising wedge from a false one is by finding price/volume divergences and to make sure that the failure is still under the 50% Fibonacci retrace. As this historical example shows, when the breakdown does happen, the subsequent target is generally achieved very quickly."
- www.investopedia.com.../07/rising_wedge.asp
Comment:
Wedge is playing out as statistically most likely. Break thru south now waiting for retest and further downside:
