✳️ Ankr Network Early Call: Three Years Long Falling Wedge + ATH
Updated
The falling wedge pattern without a doubt is a bullish reversal pattern.
A breakout from a falling wedge can take its time to play-out which can be appreciated here as the pattern has been going for more than 1,000 days or almost 3 years.
Other than this pattern, what other signals point toward a reversal?
I can think of two right away:
1) Trading volume coming to a halt.
2) The rest of the Altcoins market.
Let's expand!
1) We have years of lower lows. As new lows are hit, trading volume continues to decrease. This tells us that the bearish trend is losing strength. If the bearish trend was set to continue, at some point we would see an increase in bearish trading volume when a new low hits. New lows but now new volume, means the trend is weakening.
2) I've been sharing dozens of Altcoins and many of these are already producing bullish breakouts. The market is connected, linked; What one does, the rest follows. A bullish breakout here similar to what is happening with other pairs would put ANKRBTC above EMA10 and thus activate additional bullish signals.
This is an early call.
We have a long-term higher low so a higher high (new All-Time High) is possible when the next bull-market ends.
Namaste.
A breakout from a falling wedge can take its time to play-out which can be appreciated here as the pattern has been going for more than 1,000 days or almost 3 years.
Other than this pattern, what other signals point toward a reversal?
I can think of two right away:
1) Trading volume coming to a halt.
2) The rest of the Altcoins market.
Let's expand!
1) We have years of lower lows. As new lows are hit, trading volume continues to decrease. This tells us that the bearish trend is losing strength. If the bearish trend was set to continue, at some point we would see an increase in bearish trading volume when a new low hits. New lows but now new volume, means the trend is weakening.
2) I've been sharing dozens of Altcoins and many of these are already producing bullish breakouts. The market is connected, linked; What one does, the rest follows. A bullish breakout here similar to what is happening with other pairs would put ANKRBTC above EMA10 and thus activate additional bullish signals.
This is an early call.
We have a long-term higher low so a higher high (new All-Time High) is possible when the next bull-market ends.
Namaste.
Note
Close to 100% profits to start...This is only the confirmation.
There is plenty of room available for growth.
Trade active
A solid chart setup. Continues to look pretty good.
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