Falling Wedge Technicals
Hello everybody,
I made a post yesterday about the 6 month long falling wedge bitcoin entered. I want to explain a bit more of the fundamentals on why a falling wedge is a great way to see where price action has a good chance of going.
If you don't know already, a falling wedge is a bullish signal. As it gets to the end the price starts moving more sideways and tighter into the point of the wedge. When the candle sticks start to get towards the edge it is time to keep a close eye the price moving outside those lines.
It's when the price exits on the top is the time to get into the trade. Be patient thought! Do not jump in the second the price is out. I like it to move a little further for confirmation because placing lines is not exact.
Now the fun part about falling wedge breakouts is that the size of the end of the wedge is normally the size of the rally that happens. That is a lot of cheddar. If/when bitcoin breaks out we have a great chance of seeing all time highs being tested again quickly.
Just my two cents on the issue.
I made a post yesterday about the 6 month long falling wedge bitcoin entered. I want to explain a bit more of the fundamentals on why a falling wedge is a great way to see where price action has a good chance of going.
If you don't know already, a falling wedge is a bullish signal. As it gets to the end the price starts moving more sideways and tighter into the point of the wedge. When the candle sticks start to get towards the edge it is time to keep a close eye the price moving outside those lines.
It's when the price exits on the top is the time to get into the trade. Be patient thought! Do not jump in the second the price is out. I like it to move a little further for confirmation because placing lines is not exact.
Now the fun part about falling wedge breakouts is that the size of the end of the wedge is normally the size of the rally that happens. That is a lot of cheddar. If/when bitcoin breaks out we have a great chance of seeing all time highs being tested again quickly.
Just my two cents on the issue.
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