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Shani Whitmarsh VVcy
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$XRP
confirm consolidation manipulation now Time for distribution ๐
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content.
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Shani Whitmarsh VVcy
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this is scary idk
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$XRP Will go 3
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$SOL remarks
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$BTC same pattern but at different time frames will btc follow same pattern for weekly time like 1 minute time frame
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$BTC The pattern visible in your screenshot is a descending wedge, which is typically characterized by a series of lower highs and lower lows forming a converging price action. This is considered a bullish reversal pattern when it occurs after a downtrend, as it suggests that the selling momentum is slowing down, and a potential breakout to the upside may occur. The RSI (Relative Strength Index) being at 41.51, which is below the neutral 50 level, indicates that the asset is currently in bearish territory but isn't yet oversold. If the price breaks above the wedge's resistance line, it could signal a bullish trend reversal. Conversely, a breakdown below the wedge might lead to further bearish movement. In this case, watch for a breakout above the wedge as a potential buy signal. you could indeed be spotting a bearish divergence. Divergence happens when the price action and an indicator, like RSI, move in opposite directions. From the image: The price seems to be making lower highs (the peaks in the price action are descending). However, the RSI indicator is not making similar higher peaks, which can suggest a bearish divergence. Bearish divergence signals that while the price may still be rising or holding steady, the underlying momentum is weakening, often indicating an upcoming reversal or a pullback in price. So, even if a descending wedge is traditionally bullish, this divergence might suggest that the bulls could be losing steam. Keep an eye on both the wedge breakout and whether the RSI continues to weaken for confirmation.
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