The Wedge pattern can either be a continuation pattern or a reversal pattern, depending on the type of wedge and the preceding trend. There are 2 types of wedges indicating price is in consolidation. The first is rising wedges where price is contained by 2 ascending trend lines that converge because the lower trend line is steeper than the upper trend line. In other words: the lows are climbing faster than the highs. These wedges tend to break downwards. The second is Falling wedges where price is contained by 2 descending trend lines that converge because the upper trend line is steeper than the lower trend line. In other words: the highs are falling faster than the lows. These wedges tend to break upwards.
Conservative traders may look for additional confirmation of price continuing in the direction of the breakout. The target can be estimated through the technique of measuring the height of the back of the wedge and extending it in the direction of the breakout. A common stop level is just outside the wedge on the opposite side of the breakout.
Going to keep this one short, follow up on the previous analysis.
Price bounced up quite nicely from the 8200/300, looked like it broke the wedge resistance line, but was hanging above it quite strangely. It wasn't a flag, also not a nice triangle. Was prob whales distributing and pushing price back down again.
Anyway, not a lot has changed with the picture. I...
As with most h&s patterns they are usually also accompanied by a potential falling wedge and this one is no exception. Hard to tell yet which pattern will win the battle so here are both potential targets:
Tendency: Uptrend ( Bullish )
Structure: Supply & Demand | Wedge | Breakout
Observation: i. Since hitting Demand zone in Sep 2019, there has been a consistent rejection of this zone.
ii. Price is hovering around the Demand zone again and...
Posible formación en Bitcoin de un Falling Wedge (patrón de reversión alcista) . Sin embargo existen importantes resistencias las cuales debe vencer el precio. ($8.455/$8.535).
Veremos como se desarrolla!
Tendency: Downtrend ( Bearish )
Structure: Wedge | Breakout
Observation: i. The converging trend lines explains the Wedge.
ii. The trend lines drawn above and below the price pattern converges in anticipation of the breakout @ 1.10900 zone.
...
My take
One of the things about wedges I like is that they are absolutely objective
my entry was 24 sat when it was oversold on the weekly
(I am not referring to RSI in this instance as there is no divergence).
You should follow me because I like dogs and drawing triangles
XRP/BTC (Requested Update)
Forming Bullish Wedge Pattern in Daily Chart But Still Looking Bearish.
Expecting another lower low in Coming Days (Might test 2480 Sats Before Bounce back)
So far bears in Controls, So Better to Wait for Some Strong Reversal Signal For Entry..!!
If Successfully Brokeout the Wedge then Target will Around 3200 Sats. (But Need Some...
In my previous analysis i showed we would probably make a drop and bounce up, just as we did almost a year ago. Those weeks before we broke the big 4200 resistance. As soon as i happened i noticed that the volume was low and therefore doubting a continuation of the move up. Instead of going up, the move up only completed a bear flag and we have been dropping...
ETH, 4h
At the moment, the asset is approaching an important level of resistance, while forming a downward wedge, apparently now it is forming the 4th wave. The formation has not yet been broken, since the 4th wave can enter the zone of wave 1. In the near future, we expect a resistance test and a further decrease in the formation of the 5th wave
Join our...
A bullish wedge is forming on the daily chart. Seems like Bitcoin does need this consolidation patterns after the breakout of the bearish trend channel. If this wedge does break to the upside a move to 9000 $ is likely. At least to the 200 SMA. If we are able to break the 200 SMA then I would expect a more neutral to bullish market phase at least until the halving in May.
FET after breaking through the accumulation channel and pump by + 50%, the price was driven back into the old accumulation channel.
Now the price is almost at the bottom of the previous horizontal channel.
The downtrend has formed a downward wedge at the local level.
Former trading ideas on this coin which worked with sniper accuracy in goals and in time. Profit...
Dow was making a bearish wedge last week, but glad i did not post it though. Indices and especially US indices have been a nightmare for bears past half year. Almost each bearish sign has become a trap. When seeing the wedge break upwards i was happy for NOT posting it :).
But now, we see the breakout is failing. Price is starting to drop back in to the wedge...
I have been scrolling through my list and i was staring with my mouth open for a while looking at this chart. Wondering, how the F did i miss this perfect setup. Maybe on of the easiest a trader can encounter when doing TA and trying to find a nice pattern. I know one of the main reasons is that i have not been around much as i used to past half year, but also...
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