BTCUSDT - Rising wedge - being long then being short ?
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 it to come back in the buyers zone (> 55).
For now, I would go for a long because even if I detect a rising wedge pattern (and I should open a short, expecting the lower band to be broken), I think we are in a pennant and the pattern is not over.
The green line is the wave 3 (between 23.6% and 50% of fibo), and price should hit it then go up
I would open a long:
Entry price: $6947
Stop loss: $6808
Final take profit: $8343 (which is 216.8% of fibo)
RSI is going in neutral zone, but I would expect it to come back in the buyers zone (> 55).
For now, I would go for a long because even if I detect a rising wedge pattern (and I should open a short, expecting the lower band to be broken), I think we are in a pennant and the pattern is not over.
The green line is the wave 3 (between 23.6% and 50% of fibo), and price should hit it then go up
I would open a long:
Entry price: $6947
Stop loss: $6808
Final take profit: $8343 (which is 216.8% of fibo)
Trade active:
Buy price filled $6947
First take profit TP1: $7150
First take profit TP1: $7150
Comment:
Second Take Profit taken: target $7363 (taking back 25% of capital)
New Stop Loss: $7150
Next Take Profit target: $7650
New Stop Loss: $7150
Next Take Profit target: $7650
Trade closed: stop reached:
Stop loss reached: $7150
Performance: 3.69%
Performance: 3.69%
New Stop Loss for hedging position: $6877.33
Next Take Profit target: $7363