Regardless of the type (reversal or continuation), rising wedges are typically bearish patterns, even if only temporarily.
Bearish confirmation of the pattern does not come until the support line is broken in a convincing fashion. Once support is broken, there can sometimes be a reaction rally to test the newfound resistance level.
Ideally, the volume will decline as the price rises & the wedge evolves, however, the volume has seen an increase & currently GLXY is breaking the blue sloping resistance of the wedge pattern to the upside! That's the Bitcoin effect lol?
On the KST there may be a bullish cross about to happen in the near term, a few more trading days will provide a better indication of which way the trend is heading.
The RSI is displaying higher lows & higher highs since early December.
The DPO is at an all-time high currently, if there's any pullback it would be ideal if the blue line held as support before continuing upward, and if not it'll likely act as resistance & the trend may be reversing, only time will tell.
Bearish confirmation of the pattern does not come until the support line is broken in a convincing fashion. Once support is broken, there can sometimes be a reaction rally to test the newfound resistance level.
Ideally, the volume will decline as the price rises & the wedge evolves, however, the volume has seen an increase & currently GLXY is breaking the blue sloping resistance of the wedge pattern to the upside! That's the Bitcoin effect lol?
On the KST there may be a bullish cross about to happen in the near term, a few more trading days will provide a better indication of which way the trend is heading.
The RSI is displaying higher lows & higher highs since early December.
The DPO is at an all-time high currently, if there's any pullback it would be ideal if the blue line held as support before continuing upward, and if not it'll likely act as resistance & the trend may be reversing, only time will tell.
