Rising Wedge Pattern: BTC/USD - Long term chart

BITSTAMP:BTCUSD   Bitcoin / Dollar
672 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.
Update : Possibility of shorting also at the retest of the lower black trendline
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.
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.
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.
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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