Rising Wedge on the Daily
تم تحديثه
We are currently seeing a rising wedge pattern forming on the daily. Indicating a bearish bias. Declining of Trading volume is also apparent, with a few spikes of volume throughout the duration of the rising wedge pattern.
Looking at price to have another leg up to retest the resistance of around ~25.2k and above. With price increasing this will attract buyers to FOMO and get flushed out with the daily close below resistance and back to retest the support of the wedge and lets see if the support manages to hold before reaching the apex of the pattern. Only trade the breakout and do not anticipate before the breakout. A daily close below the support should be a confirmation to go short.
With the last move to the upside the RSI on the Daily should be in the overbought territory which should be a strong signal to expect the price to retest the support.
Pattern: Rising Wedge
Volume: Declining
Looking at price to have another leg up to retest the resistance of around ~25.2k and above. With price increasing this will attract buyers to FOMO and get flushed out with the daily close below resistance and back to retest the support of the wedge and lets see if the support manages to hold before reaching the apex of the pattern. Only trade the breakout and do not anticipate before the breakout. A daily close below the support should be a confirmation to go short.
With the last move to the upside the RSI on the Daily should be in the overbought territory which should be a strong signal to expect the price to retest the support.
Pattern: Rising Wedge
Volume: Declining
ملاحظة
Price still ranging in the rising wedge. Currently price briefly touched 25.2k and proceed to go head towards support of the rising wedge. Volume still declining. As explained previously, lets wait for the break of support/resistance before entering a long or a short.ملاحظة
Currently retesting the support of the rising wedge, with a few wicks breaking the support on the lower time frame. Confirmation to enter a short if there is substantial volume + daily close below support.
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