Hello guys, this is an additional Tutorial idea following the previous one. You can also use this trick to read your chart if you want to make sure if it's bullish or not. It's called a Falling Wedge.
What is a Falling Wedge? When this pattern is found in an uptrend, it is considered a bullish pattern, as the market range becomes narrower into the correction, indicating that the downward trend is losing strength and the resumption of the uptrend is in the making. "The falling wedge pattern is characterized by a chart pattern which forms when the market makes lower lows and lower highs with a contracting range. When this pattern is found in a downward trend, it is considered a reversal pattern, as the contraction of the range indicates the downtrend is losing steam. When this pattern is found in an uptrend, it is considered a bullish pattern, as the market range becomes narrower into the correction, indicating that the downward trend is losing strength and the resumption of the uptrend is in the making."
Now let's talk... Have you used this patterns? What are your experiences? Any tricks you got in mind so that we can improve reading charts based on it? Comment below!
Btc to 100k by end of the year but need one more crazy dip to 25k in August
Z3R0-G3N3S1S
⋅
Never mind my bad I saw the divergence now. It is a possibility for sure but I would be careful because it could go bad quick. This was a strong down trend and there is a lot of big money wanting it lower. However, I do like the BTC short Term Holder SOPR
Z3R0-G3N3S1S
⋅
I saw that but the main trend is still downward and I didn't know this was a clear indication of a reversal alone? Maybe I am wrong on this but would be remiss not to mention it. I haven't had a chance to review all the charts in since last night so I probably am missing something. Thanks.