BTC : USD
1D
COINBASE
In this pattern we see a descending wedge forming. "The Falling Wedge is a bullish pattern 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. In contrast to symmetrical triangles, which have no definitive slope and no bias, falling wedges definitely slope down and have a bullish bias. However, this bullish bias cannot be realized until a resistance breakout occurs." - school.stockcharts.com
We have since then touched the bottom trend line about 2 times and the top 2 times. We haven't been able to cross the median of the pattern either which would tell me were either headed south or we need to retest the bottom of the pattern one more time.
Ive set some buy zones where ill look to enter a long position. Ill be targeting 14K if we break out of this pattern.
1D
COINBASE
In this pattern we see a descending wedge forming. "The Falling Wedge is a bullish pattern 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. In contrast to symmetrical triangles, which have no definitive slope and no bias, falling wedges definitely slope down and have a bullish bias. However, this bullish bias cannot be realized until a resistance breakout occurs." - school.stockcharts.com
We have since then touched the bottom trend line about 2 times and the top 2 times. We haven't been able to cross the median of the pattern either which would tell me were either headed south or we need to retest the bottom of the pattern one more time.
Ive set some buy zones where ill look to enter a long position. Ill be targeting 14K if we break out of this pattern.