Yet another correlated bearish chart pattern on the top 2 cryptocurrencies coins BITCOIN and ETHEREUM, with $109,504,592,962 and $49,596,009,885 respectively. Rising wedge chart pattern.
Price trend Can be any direction leading to the pattern.
Shape looks like a narrowing and rising triangle shape.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.
The pattern confirms as a valid one when price closes outside one of the trendlines.
Same rising wedge breakout to the down side, currently holding at the same levels btc at $6323usd and ETH at $482. More support levels on the way down BTC at $6142usd and ETH at $450usd.
Technicals suggests that these range hold the price of both coins before a bounce back to the up will be achieved.
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.