On the Dash chart, a descending broadening wedge has appeared (1h-timeframe).
A descending broadening wedge is a bullish reversal pattern. The trade can be entered once the price breaks out of the pattern to the upside. The target is the height of point B.
At the moment the price is overbought when looking at the RSI. In our opinion, the price is going to drop a little bit. After that, it could be possible that the price is going to break out straight away or it might retest. This is the reason why there're two paths drawn on the chart.
See all further details on the chart.
Goodluck!
A descending broadening wedge is a bullish reversal pattern. The trade can be entered once the price breaks out of the pattern to the upside. The target is the height of point B.
At the moment the price is overbought when looking at the RSI. In our opinion, the price is going to drop a little bit. After that, it could be possible that the price is going to break out straight away or it might retest. This is the reason why there're two paths drawn on the chart.
See all further details on the chart.
Goodluck!
Trade closed: target reached:
Target/Take profit level just hit. Small pullback now and more upside after that is likely
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