PAIR:STRBTC STELLAR LUMEN
With its lower highs and lowers lows, moving between two down-sloping and converging trendlines, STR has held on to its downward move to the the support level forming two different chart pattern on two different time frame.
On the four hours time fraem, price has forming a falling wedge which has brokenout. With a strong upward trend now, only when price closes above the wedge now will signal a trader to take a position. After returning to the previous low at 3472sats which made the wedge completed(which is a retrun back to the 0.5fibonacci retracement level), little consolidation withing tghis price range will likely take place before a new high will be achieved.
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.
the Duration should be 3 weeks is the minimum duration
Volume Trends downward 72% of the time until the breakout.
Breakout Can be in any direction but is upward 68% of the time, Confirmation The pattern confirms as a valid one when price closes outside one of the trendlines.AS SHOWN BELOW:
On the one hour time frame, a different chart pattern was spotted.
Eve is a term that describes how the bottom looks (when compared to Adam bottoms), in this case, a rounded looking and wide bottom. If Eve has spikes, they tend to be more numerous and shorter. Eve tends to widen over its height.
Adam is a narrow bottom, often composed of a one-day spike. When trying to decide which is which, ask yourself if the two bottoms appear different or similar. With Eve & Eve, the two should look similar (both wide and rounded).
The Eve & Eve double bottom is the best performing of the Adam and Eve combinations of double bottoms. It has a small break even failure rate and large average rise. The Eve & Eve double bottom is what most chartists call the classic double bottom.
Price trend Downward leading to the pattern. Two distinct valleys that look similar. Eve bottoms are wide and more rounded appearing. Spikes that appear tend to be numerous and short.
The rise between bottoms should measure at least 10%, but allow variations.
The price variation between bottoms is small, usually between 0% and 6%. The two valleys should appear to bottom near the same price.
The double bottom confirms as a true double bottom once price closes above the peak between the two valleys.
Technicals suggest that price unimaginable measured move up might likely slow down with little consolidation.
SELL:0.00004086sats up to 0.00004257sats
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.