PULL BACK TO TEST PREVIOUS LOW.
On the one hour time frame, the price of BTCUSD has gradually maintained it's touches on the trendline forming a chart pattern called THE ASCENDING BROADENING WEDGE.
The ascending broadening wedge is a chart pattern that tends to disappear in a bear market. Most often, it is found in a bull market with a downward breakout.
Price trend can be up or down leading to the pattern, shape a megaphone tilted up.
Both trendlines slope upward. The top one slopes more steeply than the bottom one.
At least three peaks and three valleys should touch their respective trendline.
Breakout downward 52% of the time.
81% break out in the same direction as that leading to the pattern and they tend to outperform reversals, too.
This is just pull back. We advise all traders to wait for the breakout to the downside, before taking a position.
VERDICT:
SELL/SHORT:$4933
BUY:$4855 down $4726
STOP LOSS:$5216
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 one hour time frame, the price of BTCUSD has gradually maintained it's touches on the trendline forming a chart pattern called THE ASCENDING BROADENING WEDGE.
The ascending broadening wedge is a chart pattern that tends to disappear in a bear market. Most often, it is found in a bull market with a downward breakout.
Price trend can be up or down leading to the pattern, shape a megaphone tilted up.
Both trendlines slope upward. The top one slopes more steeply than the bottom one.
At least three peaks and three valleys should touch their respective trendline.
Breakout downward 52% of the time.
81% break out in the same direction as that leading to the pattern and they tend to outperform reversals, too.
This is just pull back. We advise all traders to wait for the breakout to the downside, before taking a position.
VERDICT:
SELL/SHORT:$4933
BUY:$4855 down $4726
STOP LOSS:$5216
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.