Chart Pattern: Falling Wedge (Bullish Reversal)
You’ve drawn a falling wedge, which is a bullish pattern.
Price is near the apex, indicating a potential breakout soon.
📍 Current Price: ~$21.14
📉 Support Zone: $20.80–20.44
🎯 Potential Targets (Take Profits):
TP1: $22.23 (gap fill + former support)
TP2: $23.40 (previous resistance)
TP3: $24.78–25.00 (major supply zone)
🛑 Stop Loss:
Below $20.80 (safe zone: ~$20.44 or even tighter depending on risk)
🎯 Risk-to-Reward:
Looks like 1:3+ R:R potential if it breaks out cleanly
🟡 Confirmation Needed:
Break and close above wedge resistance line
Volume spike on breakout
Ideally a green bullish engulfing or hammer candle
You’ve drawn a falling wedge, which is a bullish pattern.
Price is near the apex, indicating a potential breakout soon.
📍 Current Price: ~$21.14
📉 Support Zone: $20.80–20.44
🎯 Potential Targets (Take Profits):
TP1: $22.23 (gap fill + former support)
TP2: $23.40 (previous resistance)
TP3: $24.78–25.00 (major supply zone)
🛑 Stop Loss:
Below $20.80 (safe zone: ~$20.44 or even tighter depending on risk)
🎯 Risk-to-Reward:
Looks like 1:3+ R:R potential if it breaks out cleanly
🟡 Confirmation Needed:
Break and close above wedge resistance line
Volume spike on breakout
Ideally a green bullish engulfing or hammer candle
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.