SUPPORT LEVEL BEING HELD.
The falling wedge and the bullish divergence on the 12hours time frame(720mins).
THE FALLING WEDGE:
always revisting the 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%
TRADERS GUIDELINES(to know this can be spotted):
Price trend Can be any direction leading to the pattern.Price always follows two down-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 72% of the time until the breakout(not shown).
The 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.
Just like other falling wedge and their awesome breakout, as always mentioned, a position should only be taken when price breaksout and closes out the pattern.
Lastly, the BULLISH DIVERGENCE:
Whenever you see price and the oscilator moving at different different directions, then a divergence is in play.
On the 12hours time frame, TRXBTC chart;
the price is making a LOWER-LOWS while the oscilator(relative strenght index) is making a HIGHER-LOWS.It gives signal tht strenght is building and price will reverse and go up.
BUY:0.00000561sats down to 0.00000531sats
SELL:0.00000690sats up to 0.00000750sats
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.