A Broadening Descending Wedge Appears on XVGBTC
A broadening descending wedge performs decently as a price trend reversal, reversing the downtrend 55% of the time. 79% of BDW's reach the target price of the formation peak. Here, the target would be 1075 satoshis.
Watch volume carefully and watch for a partial decline. A p.d. indicates an upcoming upward breakout.
Also, take note of the potential double bottom forming.
Watch volume carefully and watch for a partial decline. A p.d. indicates an upcoming upward breakout.
Also, take note of the potential double bottom forming.
Note
We failed the first attempt at an upward breakout, and returned back to touch the lower trendline (eyeballing here). Price looks to be consolidating again around the 750 satosi area, yet again forming a partial decline. Price is still in this wedge and not much has changed.
Still waiting for a breakout up or down, but god help us if it's a down breakout.
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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.