balibou

BTCUSDT - Rising wedge - being short ?

Short
BINANCE:BTCUSDT   Bitcoin / TetherUS

Bollinger bands are horizontal: volatility is stable but we can expect a move up or down.
RSI is going in neutral zone, but I would expect end of the "buyers time" which lasts since March 23rd.
Also, I would go for short due to detection of a rising wedge pattern.

I would open a short:
Entry price: $6450
Stop loss: $6578
Final take profit: $5129 (which is 61,8% of fibo)

Just in case I would open a long too:
Entry price: $6877
Final take profit: $7437 (which is top of rising wedge pattern)
Trade active: First Take Profit taken: target $6250 (taking back 25% of capital)
New Stop Loss for hedging position: $6501

(if price reaches $6501, we sell everything and don't lose any capital invested in this trade)
Comment: Next Take Profit target: $6000
Comment: Second Take Profit taken: target $6000 (taking back 25% of capital)

New Stop Loss set on first Take Profit target: $6250
Next Take Profit target: $5700
Trade closed: stop reached: New Stop Loss reached $6250
Comment: Based on Binance margin leverage (x3)
Total performance: +12.8%

Comments

only for next 2 hours --->
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balibou Protixder
@Protixder, Possible :) but I prefer relying on clean rising wedge pattern
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