You are viewing a single comment's thread from:
RE: Trying to learn how to read cryptocurrency charts/graphs ... rising wedge???
I believe the pattern you are looking at is an ascending channel. Its not really indicative of a bull or bear pattern. But more of a range bound in a positive manner. Wedges are formed when higher highs and lower lows are no longer happening (also called consolidating).
Just my two cents! Always do your own research and form you're own opinion. TA can be a great tool and good luck on your journey
Thanks @luu78 for the comprehensive response. I only started learning about technical analysis recently and was quite interested in it. The reason why I though this is more of a "rising wedge' then an 'ascending channel' is because of the trend lines. If you draw a trend line on the past few days, you will see that the trend line is not really parallel, if it were a ascending channel then the trend lines would be more parallel.
Again, what I know is limited, but I am willing to learn and hear the opinions of others.
Looking at the more recent developments, the trend seems to have broken through the resistance. I agree doing research and forming an opinion by yourself is very important. Thanks. Have a great day !
I find things are not an exact science when it coems to exchanges. I think the most important part is to form a believe and see it through and understand why it happened. Only through experience will it make sense!
Cheers man, good luck!