After hitting the targets based on the previous analysis on BTCUSD (www.tradingview.com/...RRECTION-03-06-2019/)
On the 1hours time frame, the price of BTCUSD has been spotted forming a chart pattern called THE BROADENING WEDGE CHART PATTERN.
The broadening bottom is one of those chart patterns that appears often, The performance rank approaches the bottom of the list with a high break even failure rate. Its only redeeming value is the partial decline which does a good job of predicting an upward breakout.
Price trend downward leading to the pattern. That is, the closing price at the trend start is above the close at the pattern's start.
Higher peaks and lower valleys -- a megaphone shape. The top trend line slopes upward, the bottom one slopes downward.
At least five touches total, three peaks or three valleys should touch the associated trend line with two or more touches of the Ideally, the second of three touches will touch (instead of coming 'close' to) the trendline. This avoids the identification problem where price forms a down-sloping channel with an upward spike at pattern's end. Price should cross the pattern from side to side, filling the area with price movement. See the next section.
Volume downward 68% (down breakouts) of the time.
Breakout can occur in any direction (upward 59% of the time) and it happens when price pierces a trendline or moves above/below the end of the pattern.
Always wait for the price to move in one direction before opening a position.
TARGETS TO KEEP AN EYE ON ARE:
$7708 down to $7448.28
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
On the 1hours time frame, the price of BTCUSD has been spotted forming a chart pattern called THE BROADENING WEDGE CHART PATTERN.
The broadening bottom is one of those chart patterns that appears often, The performance rank approaches the bottom of the list with a high break even failure rate. Its only redeeming value is the partial decline which does a good job of predicting an upward breakout.
Price trend downward leading to the pattern. That is, the closing price at the trend start is above the close at the pattern's start.
Higher peaks and lower valleys -- a megaphone shape. The top trend line slopes upward, the bottom one slopes downward.
At least five touches total, three peaks or three valleys should touch the associated trend line with two or more touches of the Ideally, the second of three touches will touch (instead of coming 'close' to) the trendline. This avoids the identification problem where price forms a down-sloping channel with an upward spike at pattern's end. Price should cross the pattern from side to side, filling the area with price movement. See the next section.
Volume downward 68% (down breakouts) of the time.
Breakout can occur in any direction (upward 59% of the time) and it happens when price pierces a trendline or moves above/below the end of the pattern.
Always wait for the price to move in one direction before opening a position.
TARGETS TO KEEP AN EYE ON ARE:
$7708 down to $7448.28
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.