The falling wedge and the bullish divergence both showing up at the same time on the same chart.
Four touches each for bothe the resistance and support levels inside the falling, as the validation of the wedge is almost at its tip, price will likely bounce back up.
PREVIOUS MARKET PERFORMANCE:
Break even failure rate for up/down breakouts: 11%; 15%
Average rise/decline: 32%; 15%
Throwback/pullback rate: 56%, 69%
Percentage meeting price target for up/down breakouts: 70%, 30%
Price trend Can be any direction leading to the pattern.
The Shape of Price follows two down-sloping and converging trendlines.
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.
Should be 3 weeks is the minimum duration, otherwise it's a pennant.
Volume Trends downward 72% of the time until the breakout.
Breakout Can be in any direction but is upward 68% of the time.
The pattern confirms as a valid one when price closes outside one of the trendlines.
THE BULLISH DIVERGENCE:
Bullish divergence occurs when price makes a lower low but the indicator forms higher lows. The two data streams diverge in direction. Price will eventually, usually, follow the indicator higher.
PRICE - LOWER LOWS
OSCILATPR - HIGHER HIGHS
watch out for a near breakout soon as the price is at the tip of the wedge. Take a position only when price has broken out from the wedge.
SELL:0.048103sats up to 0.05372sats
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.