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$DEFI/USDT 6h (Binance Futures) Rising wedge breakdown & retest

Short
BINANCE:DEFIUSDTPERP   DEFI / TetherUS PERPETUAL FUTURES
DeFi index lost 50MA support that was holding the up-trend and finally broke bearish .
Now retesting the wedge , seems like retracement is in play short-term before resuming bullish again!

Current Price= 2476.9
Sell Entry = 2495.9 - 2616.9
Take Profit= 2263.2 | 1986.6 | 1790.0
Stop Loss= 2810.3

Risk/Reward= 1:1.15 | 1:2.24 | 1:3.02
Expected Profit= +22.94% | +44.58% | +59.96%
Possible Loss= -19.86%

Fib. Retracement= 0.382 | 0.382 | 0.5
Margin Leverage= 2x
Estimated Gain-time= 3 weeks
Trade active: All entries filled

DeFi dipped at first then pulled back retesting the wedge and 50MA on 4h Time-Frame (TF).
Seems to be having a bearish rejection here and a bounce downwards is likely!

Trade closed: stop reached: SL hit with -19.86% (2x) and -1R

DeFi index regained 50MA support after bouncing twice on 100EMA and just made a new higher high.
Seems to be breaking out of an ascending triangle invalidating the bearish scenario that was in play!
Bullish continuation looks logical, probably after a small pull-back revisiting the trend-line.

Trade closed: target reached: TP2 would have been reached with +44.58% (2x) after all

Unfortunately as you already know, we got bull trapped by DeFi on local top, then ascending triangle got invalidated!
Too bad but at least good for confidence since our bearish view was just too early.
This is to remind us that this market has no pity and we always should not forget to hedge positions...


Always manage risk accordingly and respect leverage!

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