Market Update by altFINS: Falling Wedge pattern, RSI: CHZ, DOGE, NEAR, ROSE
In today’s video, we show how to trade a Fallinge Wedge pattern (CHZ example) and how to identify a Bullish RSI Divergence. We also analyze DOGE, ROSE and NEAR.
altcoins market appears to be turning into sideways action and in the process, some are forming Falling Wedge patterns.
And those patterns are approaching their pinnacle, meaning a breakout is coming up soon. Falling Wedge patterns typically resolve in a bullish breakouts.
One such situation is Chiliz (CHZ — see chart below). Price is about to break out from Falling Wege pattern and it’s also formed a Bullish RSI Divergence. When these two indications line up, it can make for some exciting fireworks!
You can find Falling Wedge patterns in our Curated Charts but also in the Patterns section. These can generate some decent trade setups for you if you know how to leverage that information and set up alerts.
Falling Wedge pattern typically resolves in a bullish breakout. The pattern can appear in an Uptrend or Downtrend, the latter is our case. See Pattern Cheat sheet for more info.
The way to trade it, like with most patterns, is to wait for a breakout. Read more in our knowledge base.
Watch this video to get an update on trade setups for CHZ, DOGE, NEAR, ROSE and learn about Falling Wedge pattern and RSI Divergences.
Quick tip: search Patterns for Breakouts from Inverse Head and Shoulders, Resistance, Ascending Triangles, Channels and Wedges, which are patterns with the highest success rates.
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