"BITCOIN" Rising Wedge Could be Bearish
Quick look at "BITCOIN" i.e. HarryPotterObamaSonic10Inu
Fairly clear rising wedge pattern at play with one false breakdown.
I would expect a retest of the lower trendline, after which watch for a close below that.
A retrace to the upper trendline is always possible, however statistically this is a bearish pattern.
On a breakdown, the first level is the pattern lows (red line), and the next is a measured move of the width of the wedge (orange line).
Fairly clear rising wedge pattern at play with one false breakdown.
I would expect a retest of the lower trendline, after which watch for a close below that.
A retrace to the upper trendline is always possible, however statistically this is a bearish pattern.
On a breakdown, the first level is the pattern lows (red line), and the next is a measured move of the width of the wedge (orange line).
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