Falling Wedge Pattern - BTC to 28,550
There are three key characteristics of a falling wedge pattern:
The price action temporarily trades in a downtrend (the lower highs and lower lows);
There are two trend lines (the upper and lower) that are converging;
There is a decrease in volume as the channel progresses.
Volume presently isn't there to break out of this descending wedge - a test of the lower trend line (28,550) is a very high probability.
The price action temporarily trades in a downtrend (the lower highs and lower lows);
There are two trend lines (the upper and lower) that are converging;
There is a decrease in volume as the channel progresses.
Volume presently isn't there to break out of this descending wedge - a test of the lower trend line (28,550) is a very high probability.
Comment:
Attempt at a breakout. Trade closed. Preparing to go long.