Wouldn’t surprise me if price does a slow grind up this wedge for a bit. *not financial advice*
Note
Looks like the wedge has already decided to have its breakdown….however we are seeing a significant rebound here before it reached its full breakdown target….from the point of breakdown the full measured move breakdown target should be 20711. It only fell into the 21.7k range or so. If it rebounds here and continues up without reaching the full target…that adds more bullish confluence to suggest the bulls are now in control…however if it does reach its full bearish breakdown target then the bottom may not be in just yet.Note
Reclaiming the 1 day 50ma as support is going to be an important goal within the next few daily candles for the bulls to maintain the uptrend.Note
It’s more or less reached the full breakdown target from the wedge. However even though it seems like bears are still in full control. I noticed on the chart I have made on bybit, that the wedge we broke up out of 17 days ago on bybit is now currently holding precise support for price action on its top trendline. Very crucial for that trendline to hold support for the next weekly close. If it can maintain support we may still validate the bullish falling wedge breakout after all. The bybit chart is not shown here but you can see it by checking out the most recent (as of august 20th 2022) Idea I have posted.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.