What is a Rising Wedge? What helps us look at it and confirm it?
✅ Upward Trend: The pattern typically forms during an upward price movement. ✅ Converging Trendlines: Both the support and resistance trendlines slope upwards, but they converge as the pattern matures. ✅ Volume: A declining volume accompanying the formation often strengthens the pattern's bearish signal. ✅ Breakout: Confirmation of the pattern occurs when the price breaks below the lower support trendline, where we short
WHO AM I? - New to chart here, but a20K Followers on X @dogdaddevan constantly posting - MEXC Official Partner - I bought ATL SHIB Nov 2020 (only vol that day) and sold early like a bozo.
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CHARTED THIS PATTERN PERFECTLY SO FAR now will we see a breakout at the bottom of the wedge to get back to to 34K? Time will tell
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This is still active on the 4H mark as a possible false breakout up. We will retest 39K as support and if it holds we got to 47K if it fails we are back in the wedge and headed down