⛔️ Falling Wedge Pattern:
• The descending triangle you mentioned can also be interpreted as a falling wedge, which is a bullish reversal pattern. A falling wedge indicates that the price is likely to break out to the upside.
2. Pivot Points:
• The chart shows several pivot points that can act as future resistance levels in case of a bullish breakout. The key levels to watch are around 2.382 (R1), 2.700 (0.5), and higher.
3. Indicators:
• MACD: While the MACD is currently bearish, a crossover above the signal line could signal a bullish reversal.
• Volume: If there’s an increase in volume on the breakout from the falling wedge, it would confirm the bullish momentum.
4. Price Action:
• The price is currently hovering around 1.916 USDT, close to the lower boundary of the wedge. A breakout above the upper boundary of the wedge with strong volume would be a bullish signal.
5. Potential Scenarios:
• Bullish Breakout: If the price breaks out above the upper boundary of the falling wedge, it could target resistance levels at 2.382 (R1), 2.700 (0.5), and higher pivot points.
• Confirmation: Traders should look for a close above the wedge and increased buying volume as confirmation of the breakout.
