Today we compare Tesla's current candle patterns to a prehistoric falling wedge candle pattern found on Bitcoin on July 15th, 2021. I'm a big fan of history repeating itself so I decided to take a deep dive on the similarities between both charts. They indeed look quite similar. I traced both candle patterns in white, and you can see that Bitcoin printed a falling wedge pattern. Tesla still seems to be printing it's wedge pattern which is slightly different. Inside Tesla's candle pattern formation, it has formed a diamond bottom pattern, a inverse head and shoulders, and a triangle wedge. The diamond bottom is a bullish trading pattern indicating a possible reversal of the current downtrend. The triangle wedge does not seem to be complete yet. I am hoping for it to be a falling wedge pattern just like Bitcoin's because that is bullish and we can see the price of Tesla go over $900 dollars, and attempt to get to $1000 by September. That is a 50% increase in value! :D If it becomes a rising wedge than that is bearish, and the price of Tesla can continue falling close to $500 dollar zone. I believe that we will see more bullish momentum in the stock market at least until September. Some stock's have been falling since last July, and most stocks started to fall last November in 2021. I find it hard to believe we will continue falling all year but if we do fall again it will be sometime in October or November in 2022. That being said, happy trading!
July 15th, 2021 was the time when QE was in full force. This time it's QT. Look at Bitcoin chart now. Tesla will meet a similar fate. What you've shown on the chart is a classic bear flag with price objective to 410 below.
Trebor_Namor
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@aniket978 it is hard to distinguish what type of wedge this will become but I do see a diamond bottom formation which is very bullish. We we just have to wait and see where the momentum of buyers or sellers lead the market. Price action is still ranging between both support and resistance zone. Hopefully we see a breakout one way soon
Tesla will meet a similar fate.
What you've shown on the chart is a classic bear flag with price objective to 410 below.