$AVAX Performing Falling wedge in 1D

26 sept. 2023

AVAX Performing Falling wedge in 1D Keep eye on Breakout


Falling Wedge

The falling wedge can either be a reversal or continuation signal.

As a reversal signal, it is formed at a bottom of a downtrend, indicating that an uptrend would come next.

As a continuation signal, it is formed during an uptrend, implying that the upward price action would resume. Unlike the rising wedge, the falling wedge is a bullish chart pattern.

In this example, the falling wedge serves as a reversal signal. After a downtrend, the price made lower highs and lower lows.

Notice how the falling trend line connecting the highs is steeper than the trend line connecting the lows.
If we placed an entry order above that falling trend line connecting the pair’s highs, we would’ve been able to jump in on the strong uptrend and caught some pips!
A good upside target would be the height of the wedge formation.

1 oct. 2023

Note

AVAX 10% done upword move

6 oct. 2023

Note

AVAX 20% up from the entry

29 oct. 2023

Note

AVAX 30% up from the entry