Rising wedge pt. 2 - hopefully this can be seen better.
Same thing as the last post!
So, of course, I have been following NANO/BTC 9.47% for about a week now. We have completed the first wave in the Elliot cycle, which was beautiful! (Note all the TEXTBOOK Fib levels we bounced from). I have been trying to see what the next few days will look like for NANO -0.42% . It has been outperforming BTC 5.36% , which is a good thing. But I am unsure of its price will be affected if Bitcoin 5.36% goes on another bull run.
Moreover, I am confused at what the heck a rising wedge is. I am a big fan of Elliot Waves, but I also like to keep it simple - Are we setting higher highs and higher lows? We are! That means we are in an uptrend. But just for fun I have been trying to learn other ways to beef up my TA - RSI / Volume / EMAs / Bollinger Bands / and now triangles.
I understand ascending triangles / descending triangles / equilibriums, but I drew this little guy on my chart thinking it was a good thing and googled it. My confirmation bias was leading me to believe it would be some sort of bullish reversal triangle, but apparently, it looks like a rising wedge . So now I am wondering what the heck a rising wedge is.
I guess the only way I could make some sense of it is that we are setting higher highs and higher lows, but the higher highs are getting lower. That's a tongue twister, but I'm sure you know what I mean. Apparently, these triangles signal a breakdown and are very bearish .
I am still bullish short-midterm on NANO -0.42% , but I did find it odd that there was a lack of an impulsive move up after the potential ABC . This could confirm this suspicion, but it could also be relatively common. No one really wants to enter a trade without confirmation of a breakout. We are setting higher highs and higher lows, but until we break 170k+ satoshis, we are still in an internal correction. I figured that is the reason for the lack of volume and choppy moves up, but who knows.
What do you all think about this triangle type thing and the moves we have been making up?
(P.S. Please correct me if I am wrong! I can take criticism. It is how we learn. I am definitely not an expert in TA, and I literally had to google -3.25% what that triangle I drew was. Which probably means I shouldn't even be drawing them. But I'd love to hear what the community thinks!)
So, of course, I have been following NANO/BTC 9.47% for about a week now. We have completed the first wave in the Elliot cycle, which was beautiful! (Note all the TEXTBOOK Fib levels we bounced from). I have been trying to see what the next few days will look like for NANO -0.42% . It has been outperforming BTC 5.36% , which is a good thing. But I am unsure of its price will be affected if Bitcoin 5.36% goes on another bull run.
Moreover, I am confused at what the heck a rising wedge is. I am a big fan of Elliot Waves, but I also like to keep it simple - Are we setting higher highs and higher lows? We are! That means we are in an uptrend. But just for fun I have been trying to learn other ways to beef up my TA - RSI / Volume / EMAs / Bollinger Bands / and now triangles.
I understand ascending triangles / descending triangles / equilibriums, but I drew this little guy on my chart thinking it was a good thing and googled it. My confirmation bias was leading me to believe it would be some sort of bullish reversal triangle, but apparently, it looks like a rising wedge . So now I am wondering what the heck a rising wedge is.
I guess the only way I could make some sense of it is that we are setting higher highs and higher lows, but the higher highs are getting lower. That's a tongue twister, but I'm sure you know what I mean. Apparently, these triangles signal a breakdown and are very bearish .
I am still bullish short-midterm on NANO -0.42% , but I did find it odd that there was a lack of an impulsive move up after the potential ABC . This could confirm this suspicion, but it could also be relatively common. No one really wants to enter a trade without confirmation of a breakout. We are setting higher highs and higher lows, but until we break 170k+ satoshis, we are still in an internal correction. I figured that is the reason for the lack of volume and choppy moves up, but who knows.
What do you all think about this triangle type thing and the moves we have been making up?
(P.S. Please correct me if I am wrong! I can take criticism. It is how we learn. I am definitely not an expert in TA, and I literally had to google -3.25% what that triangle I drew was. Which probably means I shouldn't even be drawing them. But I'd love to hear what the community thinks!)
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