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Wedgebreakout

SHIBA pressure building into wedgeSHIBA INU, relatively new coin and "meme coin" has potential to break out of this wedge and range it has been stuck in for some time. With BTC and ETH starting to run, I think the altcoins and bigger named small cap coins will begin to run as well, from FOMO, meme potential, and just more and more people entering the crypto space. I will be entering with a small position at this level, waiting for the break of the trendline and the 618 fib level. Targets: 1) 0.000035, the previous high -> around 25% 2) the 1.272 fib around 0.000039 -> around 40% 3) 1.618 fib at 0.000044 -> around 55-60%
FTX:SHIBUSDLong
by GringoRiley
4
USDCNY Likely to Rebound From the 23.6% Fibonacci The price action of the USDCNY pair has been range-trading since the 16th of July, as underpinned by the ADX indicator. Bearish pressure has been slowly accumulating over the same period, which is illustrated by the current reading of the Stochastic RSI indicator. The price action is likely to reach a new dip at the 23.6 per cent Fibonacci retracement level, which is the closest psychologically significant support level. A bullish rebound can be expected to occur there, given the current development of a Descending Wedge pattern. The latter represents a classic trend reversal pattern. The first major target for the renewed uptrend would be the descending trend line (in red) just above the 38.2 per cent Fibonacci.
Long
by Trendsharks
Smooth Love Potion (SLP), low is set and looking for +500%After its initial launch on Binance SLP has been regularly dropping for weeks. - has reached oversold on several timeframes - has reached new all time low - just broke out from huge descending wedge with big volume - Price and Volume are showing big bullish divergence target of the next price action is top of descending wedge, more than x6 of current price. May take some weeks to be reached. this post is for educational purposes and not trading advice. do your own research.
Long
by And100
2
What are Falling and Rising Wedge Patterns?What Is the Wedge Pattern and Its Common Characteristics? 1. Wedge patterns have converging trend lines that come to an apex with a distinguishable upside or downside slant. a. Wedge with an upside slant is called a rising wedge b. Wedge with downside slant is called falling wedge 2. It has declining volumes as the pattern progresses. 3. It breaks out from one of the trend lines. Why We Should Pay Attention to Wedge Patterns? Some studies suggest that a wedge pattern will breakout towards a reversal rather than a continuation more often than two-thirds of the time. Therefore as the rule of thumb, people generally treat a falling wedge as a bullish pattern and a rising wedge as a bearish pattern, especially a falling wedge would be a more reliable reversal indicator than a rising wedge. Since we know a wedge pattern has a higher probability to reverse and due to the fact that the price of wedge pattern converges to a smaller area, we can trade the reversal set up with a relatively close stop loss to its entry price, which provides us with a good trading opportunity with a decent Risk:Reward ratio. Examples of a Bullish Rising Wedge and Bearish Falling Wedge. Sadly, there is nothing that works 100% in trading. Not every rising or falling wedge will reverse as one might expect. Every trader must properly manage their risk by setting stop losses and not just trading based on price patterns. Below are two examples. Bullish Rising Wedge (ETHUSDT during 15/NOV/20 - 28/DEC/20) In the early stages of the epic 20-21 bull market, if traders blindly treat the rising wedge as a bearish signal and trade accordingly, they would pay a heavy price. Bearish Falling Wedge (LTCUSD during 14/AUG/18 - 14/NOV/18) On the contrary, in the late stage of the 2018 bear market, any trader who blindly trades the falling wedge to bet on a reversal would also learn a hard lesson. Comment down your thoughts on Ascending Triangle Pattern in the comment section. Disclaimer: This is just an educational post. Never trade just any pattern. And please do your research before making any trades. Happy Trading!
Education
by Coinlog
7