Inverse cup and handle forming...
The orange rising wedge pattern looks like it's playing out in an inverse cup and handle pattern that I think will likely occur (pink lines). The inverse cup and handle will in turn affirm the heads and shoulders pattern (85%) reliable which indicates that the bottom is around 17k. Note: the heads and shoulders neckline was broken 2 weeks ago. So don't be in denial: trade accordingly.
The convergence of multiple patterns should be what you look for. I still see some people on tradingview draw a single pattern, then an arrow pointing upward and then a whole bunch of people like it because the arrow points upward. That's not good analysis. Good analysis looks at ALL the patterns and predicts direction based on the probability/reliability of those patterns. What's the point of people giving fancy "bat" patterns with no established reliability?
The convergence of multiple patterns should be what you look for. I still see some people on tradingview draw a single pattern, then an arrow pointing upward and then a whole bunch of people like it because the arrow points upward. That's not good analysis. Good analysis looks at ALL the patterns and predicts direction based on the probability/reliability of those patterns. What's the point of people giving fancy "bat" patterns with no established reliability?
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