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What are the potential price targets when an upward wedge pattern forms in cryptocurrency?

avatarmiguel.ac04Dec 25, 2021 · 3 years ago1 answers

When an upward wedge pattern forms in cryptocurrency, what are the potential price targets that traders should consider? How can the pattern be used to predict future price movements?

What are the potential price targets when an upward wedge pattern forms in cryptocurrency?

1 answers

  • avatarDec 25, 2021 · 3 years ago
    When an upward wedge pattern forms in cryptocurrency, it's a sign that the market is experiencing a period of indecision. Traders can use this pattern to anticipate potential price targets, but it's important to remember that it's not a foolproof method. The price targets can vary depending on various factors such as market conditions, volume, and overall sentiment. Traders can set their price targets based on previous support and resistance levels, Fibonacci retracement levels, or other technical analysis tools. It's also important to keep an eye on other indicators and patterns that may confirm or contradict the potential price targets indicated by the upward wedge pattern. Remember, trading involves risks, and it's always recommended to do thorough research and analysis before making any trading decisions.