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The Ultimate Falling Wedge! for BINANCE:BTCUSDT by MJI786

Here’s a quick look at the weekly chart for BTC . As we can see, the price broke below 30k and is currently struggling to get a daily close above 30k. A weekly close below 30k would be a further confirmation of the bear market and will probably lead to further price dump. There’s next to no support betweek 29k and 20k and if the price doesn’t manage to get back above 30k a trip down to 20k is very likely.
Is this giong to be the pattern in which the price will continue to oscillate for the upcoming months? – Definitely one to keep an eye on!
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What Is a Wedge in the context of trading?:

“A wedge is a price pattern marked by converging trend lines on a price chart. The two trend lines are drawn to connect the respective highs and lows of a price series over the course of 10 to 50 periods. The lines show that the highs and the lows are either rising or falling and differing rates, giving the appearance of a wedge as the lines approach a convergence. Wedge-shaped trend lines are considered useful indicators of a potential reversal in price action by technical analysts.

Key Takeaways for Falling wedges:

1. Wedge patterns are usually characterized by converging trend lines over 10 to 50 trading periods.

2. The patterns may be considered rising or falling wedges depending on their direction.

3. These patterns have an unusually good track record for forecasting price reversals.”

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BTC dictates the market. If BTC falls, then Alts will fall as well. Trade safe!

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