RISING WEDGE PATTERN TARGET HOW TO
Either way, now you know how to measure the potential price objective for a rising wedge pattern on your own. Of course, nobody has a crystal ball and these scenarios are based on the above rising wedge assumptions panning out. The above suggests the price of Bitcoin is at risk of falling to $2,782 – $3,328. The price objective or the move that is projected down from the breakout point of $7,000 would, therefore, be as follows:Ī: $3,328 (breakout point of $7,000 less targetted move of $3,672)ī: $2,782 (breakout point of $7,000 less targetted move of $4,218) The breakout point resides along the lower (support) line of the rising wedge, and this could be anywhere between $7,000 and $7,500. This means that if the price of Bitcoin manages to hit $8,280, a rally all the way up to the $9,000 could very well develop – so this is something to be aware of and of course watch out for! ii. On a side note, we point out that there is a CME price gap residing between $8,280-$9,060. Therefore:Ī: Assuming the peak Bitcoin price within the existing rising wedge pattern remains $7,454 a targetted move of $3,672 could materialize ($7454 – $3782) ī: Assuming the peak Bitcoin price within the existing rising wedge pattern is $8,000 a targetted move of $4,218 could materialize ($8000 – $3782) However, the price of Bitcoin may continue to rise within the wedge pattern to reach a new peak price of $8,000.
The lowest (trough)price for BTCUSDT on Binance was $3,782 whereas the highest (peak) price reached so far within the rising wedge pattern is $7,454. The targetted move is calculated by subtracting the trough price from the peak price within the wedge pattern. The price objective is calculated subtracting the targetted move from the breakout point. How do you measure a potential target price for a rising wedge pattern? Trading volumes will usually shoot up at the time the breakout occurs. Trading volumes at the beginning of the wedge usually start high and then gradually weaken as the pattern develops. During downtrends, it usually signals a continuation whereas in uptrends it typically signals that a reversal is underway. What you need to know about a rising wedge is that it is mostly a bearish signal. An ascending wedge pattern is best analyzed using a weekly price chart.
RISING WEDGE PATTERN TARGET SERIES
In other words, the trading range narrows as the price makes a series of higher highs and higher lows. What is a rising wedge pattern?Ī rising wedge begins with a wide bottom and gradually narrows as the price moves higher. In a recent article published on 6th April, a potential rising wedge pattern formation was identified. See further disclaimer at the bottom of the page. No representation or warranty is given as to the accuracy or completeness of this information and consequently, any person acting on it does so entirely at their own risk. Cryptocurrencies carry substantial risk and are not suitable for everyone. The information provided on this page should not be construed as an endorsement of cryptocurrency, a service provider or offering and should neither be considered a solicitation to buy or trade cryptocurrency. Disclaimer: All of the content written on CoinMarketExpert is unbiased and based on objective analysis.
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