Rising Wedge.. BTC short position...Although the market has a strong bull momentum despite the positive dynamics, prices need to rest and correct after a point, and in this regard, tokens purchased at low prices need profit realization.
I wonder if we are there now. First of all, I detect that there is a rising wedge formation on my chart.
Then, we witness that the 5 indicators on the left, which represent momentum, have lost their power in the Market Sentiment Technicals indicator, which is LuxAlgo's magnificent indicator. Prices are still bullish, but the trend has not changed yet. But there are signs of change and risks are taken for this.
In the Market Sentiment Oscillator at the bottom, we are faced with an oscillator line that becomes weaker and peaks lower each time, despite the upward prices. This trace gives a clear sign of discordance. In such a case, we are sure that prices will go lower at the wedge break. The right thing to do is to wait for a breakout and enter the transaction.
