Falling Wedges Tend To Produce Violent Breakouts (50%+ PP)
Updated
I am looking at the Bitcoin Cash ABC (BCHABCBTC) chart on the daily time frame.
A bullish pattern is forming, the classic falling wedge.
When a strong falling wedge shows up on the chart, a violent breakout tends to occur.
Please take a look at the chart above, on the left side you can see the first falling wedge that formed from November to December. It produced a 130%+ profits breakout.
Now another falling wedge is forming and a similar scenario can be expected once the breakout happens.
I've marked the next support on the chart with my Fib. retracement tool and it is easy to see that BCHABC is reaching strong support.
As its usual, bullish divergence is also showing up on the MACD.
We can expect a strong breakout once BCHABCBTC breaks out of this wedge.
Here is a phrase, to inspire you today...
-
THE BRIGHT MORNING DAY
If at one point you are thinking of letting it all go...
Because the fight has been too strong, your energy is low, and for the first time ever, you ponder on the thought of giving up.
But you are smart, consistent, persistent and believe in Life, God and yourself.
So before taking any action, you sit down to pray and meditate.
A few minutes go by, and your energy starts again to build up. The thought of giving up is already gone...
A new bright morning has inspired us all to try once more.
The bright morning day...
It doesn't matter how hard it is.
It doesn't matter how long it takes.
As long as there are more beautiful morning days ahead.
I will keep on fighting and trying, to become a winner at the end of the day.
Namaste.
A bullish pattern is forming, the classic falling wedge.
When a strong falling wedge shows up on the chart, a violent breakout tends to occur.
Please take a look at the chart above, on the left side you can see the first falling wedge that formed from November to December. It produced a 130%+ profits breakout.
Now another falling wedge is forming and a similar scenario can be expected once the breakout happens.
I've marked the next support on the chart with my Fib. retracement tool and it is easy to see that BCHABC is reaching strong support.
As its usual, bullish divergence is also showing up on the MACD.
We can expect a strong breakout once BCHABCBTC breaks out of this wedge.
Here is a phrase, to inspire you today...
-
THE BRIGHT MORNING DAY
If at one point you are thinking of letting it all go...
Because the fight has been too strong, your energy is low, and for the first time ever, you ponder on the thought of giving up.
But you are smart, consistent, persistent and believe in Life, God and yourself.
So before taking any action, you sit down to pray and meditate.
A few minutes go by, and your energy starts again to build up. The thought of giving up is already gone...
A new bright morning has inspired us all to try once more.
The bright morning day...
It doesn't matter how hard it is.
It doesn't matter how long it takes.
As long as there are more beautiful morning days ahead.
I will keep on fighting and trying, to become a winner at the end of the day.
Namaste.
Note
The wedge is breaking out positive.A daily close above 0.0356 signals good strength and the beginning of a strong move up.
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