Falling wedge:
Since March 2021, on the daily time frame chart, the price action of the Celer network is floating in the falling wedge pattern. It was moving between the resistance and support of this pattern very well but after testing the support on 22nd June, the price action of CELR is moving directionless without hitting the support or resistance of this wedge pattern.
Big BAT:
If we take a look at the weekly time frame chart, then it gives us the clue that the priceline of BTC this time will not reach the support. Because in the long-term it has formed a very big bullish harmonic BAT pattern . There is also 50 simple moving average support in the buying zone and 100 SMA below this level. After completion of the final leg the price action was moved above the buying zone, but this time it has again entered the potential reversal zone. As per the Fibonacci sequence the buy and sell targets of this BAT pattern can be:
Buy between: $0.0248 to $0.0148
Sell between: $0.0488 to $0.0848
The buying zone is 40% wide therefore, we can use 50 SMA as stop loss. Breaking down this SMA will be difficult for the priceline.
Conclusion:
Even though the price action is moving directionless for the past several days in the falling wedge pattern. However, the falling wedge is considered as a bullish reversal pattern among the trader's community. At the same time, the bullish harmonic BAT formation is giving us another confirmation, that the price action will break out the resistance of the falling wedge and it can lead to a big rally soon.
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Link for Binance exchange, to trade crypto:
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Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.
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