#AUCTION /USDT 1-day chart update :
The AUCTION/USDT pair has touched the target of the falling wedge pattern, which is at $15. This is a bullish signal, but it is possible that the market may come down a bit before continuing to trend upwards.
The falling wedge pattern is a bullish reversal pattern that occurs when the price of a security consolidates between two converging trendlines. The pattern is considered to be complete when the price breaks above the upper trendline.
In the case of AUCTION/USDT, the price broke above the upper trendline on July 27, 2023. This is a sign that the downtrend may be over and that the price is now poised to trend upwards.
However, it is important to note that the market may come down a bit before continuing to trend upwards. This is because the price may need to consolidate after breaking above the upper trendline.
Overall, the falling wedge pattern is a bullish signal for AUCTION/USDT. However, it is possible that the market may come down a bit before continuing to trend upwards. Traders should be aware of this possibility and should adjust their trading strategies accordingly.
Technical Analysis
The following technical indicators are bullish for AUCTION/USDT:
The price has broken above the upper trendline of the falling wedge pattern.
The relative strength index (RSI) is above 50.
The moving average convergence divergence (MACD) indicator is crossing above the signal line.
Trading Strategy
Traders who are bullish on AUCTION/USDT could consider buying the pair at the current price or waiting for a pullback before entering a long position. Traders who are bearish on the pair could consider selling the pair at the current price or waiting for a breakout above the upper trendline before entering a short position.