AlexandreFF
Short

Rising Wedge Pattern: BTC/USD - Long term chart

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
673 7 4
For this trade i would suggest an entry point at 0.382 and an exit a 1.0
If the slope of the down turn is very fast i would rather take my profits at the red trendline .
Hope my chart helped you, always glad to share my ideas.
You really believed the price could fall below $550. I'm happy to see where will always be people who still don't see we started a new mega-boom cycle to $1000 at the end of May.
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AlexandreFF ChartArt
It was just a trade possibility if the stock plunged, there's indeed a rising wedge and you can't deny it. This community is about to share ideas not to belittle those of others I hope that with time you'll learn that as you seem quite new to the community. Good luck with your trades...
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I'd say the rising wedge top becomes significant only after 3rd touch :) But then again the lines are almost parallel so I wouldn't expect a huge resolution if it all
+2 Reply
AlexandreFF MagnusTradingGroup
I agree with you they are almost parallel it's just a trading scenario if the BTC/USD breaks the long term lower trendline which i didn't draw in the chart. I always have a long and short scenario so i can be more flexible with my trades. Thank you for your comment it's always nice to get some feedback.
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yeah but why is price supposed to go that low after the support is broken ?
+1 Reply
AlexandreFF MagnusTradingGroup
Because that trendline is a long term one and the more a trendline extends in the long term the more significant is the drop when it's broken.
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Update : Possibility of shorting also at the retest of the lower black trendline
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