With its current 40.22% dominance, price will likely see a down side again.
Age 9yrs 5mos
Marketcap (current) $128.9B
Price (USD) $7,547
24hr Change (%) -2.13%
24hr Trade Volume $4.9B
All Time High $20,089
All Time High Date 2017-12-17
% down from ATH 62.43%
1 week 4%
1 month -23%
3 months -32%
1 year 193%
5 years 6,101%
Rising wedges, especially for downward breakouts, are some of the worst performing chart patterns. Downward breakouts have unacceptably high failure rates and small post breakout declines.
Also, pullbacks occur almost two-thirds of the time and throwbacks happen almost three-quarters of the time.
PREVIOUS MARKET RESULTS ON RISING WEDGE:
Break even failure rate for up/down breakouts: 8%; 24%
Average rise/decline: 28%; 14%
Throwback/pullback rate: 73%, 63%
Percentage meeting price target for up/down breakouts: 58%, 46%
Price trend Can be any direction leading to the pattern.
The Shape looks like a narrowing and rising triangle shape.
Has two Trendlines which Price bounces between two up-sloping and converging trendlines.
Touches Price should touch each trendline at least five times to outline a good pattern. That's 3 touches of one trendline and 2 of the opposite.
Volume Trends downward at least 74% of the time until the breakout.
Breakout Can be in any direction but is downward 69% of the time(downward about to be confirmed).
The pattern confirms as a valid one when price closes outside one of the trendlines.
Repeating the rising wedge from the left side.
Technicals suggests that the bears are pulling price down, but the downward move will be confirmed only when price close below the wedge.
Price targets should be between $7079, $6474 and probably $6163.
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.