The ascending wedge is considered a bearish pattern, meaning an eventual breakdown from it would be the most likely future price outlook. Currently, TOTALCAP trades close to the wedge’s resistance trendline.
The price also follows an ascending support trendline, which creates an ascending triangle when combined with the $35,000 resistance area.
Unlike in TOTALCAP, the six-hour RSI has not broken out from its bearish divergence trendline, nor is it moving upwards.
Whether BTC breaks out above the $35,000 resistance or breaks down instead can determine the future trend’s direction. A breakout can lead to a 9% increase to $38,000, while a breakdown can cause an 11% drop to the $31,000 support area.
IMX Creates Massive Upper Wick
The IMX price reached a high of $1.28 on November 6, a culmination of a significant increase going on for three days. However, the price created a very long upper wick afterward (red icon), validating the $1.25 area as resistance.
The long upper wick is a sign of selling pressure and led to a 35% drop in two days. IMX now trades just above the $0.80 horizontal support area.
If it breaks down, the price can fall by another 35% and reach a long-term ascending support trendline at $0.60.
Despite this bearish forecast, a significant bounce at the $0.80 horizontal support area can lead to a 45% increase to the $1.25 resistance area.
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.