This is only from the begining of July, so a relatively short term pattern but it does seem to have supports and resistances confirmed as a trend and not as fixed levels. Usually an ascending wedge like this will break down before it reaches it's apex, in this case we are getting close to a breakout point
Comment:
There are other longer term trends that indicate more bullish actions to the upside in the longer term, but I believe this wedge may indicate that we will spike down to about the midpoint on the base of the wedge, or perhaps the midpoint of the middle of the wedge. This general guess would put us between 20 and 22K. I'd set a take profit just above 22K for a conservative short with stoploss. But I'd be ready to take profit further down if the volume was more aggresive. I'm a noob so please don't take my advice. I'm lucky to break even.
Comment:
Well, I nailed it. But unfortunately I didn't set up the trade. I was talked out of it by listening to FUD on youtube channels. I need to trust my own eyes more. I'm often right, but that does not always equate to making money. Im still learning. Sometimes I set my stop losses to close, and take a loss even when I am 100% right about the movement that will take place and the target. But if I don't set up a stop loss close, I stand to lose more than I am comfortable with if I am wrong. This is the area where I need more experience. But it seems that you need to pay in risk for the potential for bigger gains. It's just a matter of having a reliable system to manage risk and loss. Databyter