What is a chart pattern?
The is a that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge. ... As a reversal pattern, the slopes down and with the prevailing trend.
One of the great things about this type of pattern is that it typically carves out levels that are easy to identify.
The is the inverse of the where the bears are in control, making lower highs and lower lows. This also means that the pattern is likely to break to the upside.
Like we always advice traders to always wait for that valid breakout before opening a long position. If there is not valid breakout, we consider this a failed pattern. Traders should keep an eye on the following levels:
Breakout price : 0.007287sats
Resistance 1: 0.007387sats
Resistance 2: 0.007501sats
Resistance 3: 0.007623sats
Resistance 4: 0.007814sats
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Ideas published should not be referred to as an investment advice.