I'm seeing a Descending Broadening Wedge on
BTCUSDT
Let me explain what I'm seeing:
A: Top of the wedge. If B holds, this will be first take profit target for long.
B: Bottom of the wedge. Decision point and first take profit target for short.
If the bottom trend line gets broken (opening/closing a H4 candle below) it means this pattern has failed and we can expect a steep drop.
If the top trend line is broken (opening/closing a H4 candle above) it means we can expect some new local highs.
This pattern can take its time. There's no telling how long it will take to make the third valley. It also doesn't have to play out exactly on the 1.618 Fibonacci extension.
I added some arrows for a possible partial rise/fall
If you haven't I recommend reading up on the pattern if you want to learn how to trade it.
Good luck and be safe :)
Disclaimer:
This is not financial advice. Your capital is your own responsibility. I am not responsible for your losses.
BTCUSDT
Let me explain what I'm seeing:
A: Top of the wedge. If B holds, this will be first take profit target for long.
B: Bottom of the wedge. Decision point and first take profit target for short.
If the bottom trend line gets broken (opening/closing a H4 candle below) it means this pattern has failed and we can expect a steep drop.
If the top trend line is broken (opening/closing a H4 candle above) it means we can expect some new local highs.
This pattern can take its time. There's no telling how long it will take to make the third valley. It also doesn't have to play out exactly on the 1.618 Fibonacci extension.
I added some arrows for a possible partial rise/fall
If you haven't I recommend reading up on the pattern if you want to learn how to trade it.
Good luck and be safe :)
Disclaimer:
This is not financial advice. Your capital is your own responsibility. I am not responsible for your losses.