Quote from: InitcoiN on January 04, 2017, 12:54:37 PM

Quote from: sandiman on October 22, 2016, 07:05:50 PM

Quote from: InitcoiN on October 22, 2016, 03:54:00 PM

Breakout or a trap?

your pattern is wrong man.... a rising wedge doesn't break out upward ...

anyway no surprise your pattern is wrong; look at they way you draw your resistance, choosing a random point in the middle of the pump.

don't forget that ta is useful to picture overal market sentiment (or whale activity, call it how you want), and your figure doesn't draw anything.

Reversal rising wedge seems work fine on this case

(Still waiting for your hypothesis about why those should not work) Roll Eyes

a rising wedge means power lacks of steem and is due for a least a correction (could be a larger trend reversal). You don't picture a rising wedge for when a movement doesn't lack of steem or it just doesn't make sense. in this case it is just a normal uptrend, picturing bullish canal would be more appropriate Wink

PS: doing technical analysis while forgetting the basis is a proper way to get burned.