What are the potential price targets for a cryptocurrency when it breaks out of an ascending wedge pattern?

1 answers

• Feb 19, 2022 · 3 years ago
  When a cryptocurrency breaks out of an ascending wedge pattern, one potential price target that traders may consider is a retest of the breakout level. This means that the price could potentially pull back to the breakout level before continuing its upward movement. Another potential price target is the 1.618 Fibonacci extension level, which is often used by traders as a target for strong bullish moves. Additionally, traders may also look for psychological price levels, such as round numbers or previous all-time highs, as potential targets. It's important to note that these price targets are not set in stone and the market can always behave differently than expected. Traders should use these targets as a guide and adapt their strategies based on market conditions.
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