Rising wedge pattern
Bitcoin / U.S. dollar BITSTAMP:BTCUSD
Target – 40 .5 -39.5k (sell/short) tight stop loss
A rising wedge in an uptrend is considered a reversal pattern that occurs when the price is making higher highs and higher lows. As the chart below shows, this is identified by a contracting range in prices. The price is confined within two lines which get closer together to create a pattern. This indicates a slowing of momentum and it usually precedes a reversal to the downside. This means that you can look for potential selling opportunities.
