Loom/BTC by RB

12 feb

Hello, friends!🫶 Check it out! 🧐The price looks great at the moment! The formation of the wedge is coming to the end.

https://www.tradingview.com/x/R99pnOIv/

Previous wedges worked out fantastically! Just take a look!😱

March of 2023 - 🚀 160%

https://www.tradingview.com/x/RZNVrwRZ/

October 0f 2023 - over 1000% 💥

https://www.tradingview.com/x/XKHru7u8/

💡So what is a wedge?

The wedge pattern can either be a continuation of an existing pattern or a reversal pattern, depending on the type of wedge and the previous trend. There are 2 types of wedges indicating that the price is consolidating.

1️⃣ The first one is ascending wedges, where the price is contained within two ascending trend lines that converge because the lower trend line is steeper than the upper trend line. In other words: lows are rising faster than highs. These wedges tend to have a tendency for sharp downward movements.

2️⃣ The second type is descending wedges, where the price is contained within two descending trend lines that converge because the upper trend line is steeper than the lower one. In other words: highs are falling faster than lows. These wedges tend to have a tendency for sharp upward movements.

Conservative traders may look for additional confirmation of price continuing in the direction of the breakout. The target can be set using the methodology of measuring the height of the back part of the wedge and extending it in the direction of the breakout. The overall stop level is located beyond the wedge on the opposite side of the breakout.

‼️To be confident in the trade - wait for the price to breakout! This will give you greater confidence!

Thanks for your attention!

Yours, Kateryna💙💛