As the market swings to the down side, some coins are still holding up to their support and breaking to the upside.
FALLING WEDGE calls.
Most times falling wedge has a poor performance as far as bullish chart patterns is concerned. It has maintained the diagonal support and resistance level moved down to the tip of the wedge and has broken out, needs to close outside the wedge for more confirmation.
PREVIOUS MARKET RESULT
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 Price shape 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.
2 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 and lasty,the pattern confirms as a valid one when price closes outside one of the trendlines.
Once price closes outside this wedge, price will likely test the 0.5fibonacci retracement level before any move will be made(with little or no consolidation)
Technicals suggests that price has gone down so fast and will pull back up, as it is currently holding at support level at 0.00184185sats
SELL:0.00206538sat(ETH) up to 0.00224177sats(ETH)
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.