$ELF BTC - beautiful falling wedge - 100%++ at 1:26 risk/reward
Good day traders
I hesitated putting this idea up because at the moment, BTC might see support and rebound or it might just slip right through the triangle support and head towards the 4800 range. With that being an unknown, I normally would recommend a trade like this after the signal from BTC but with such a short stop at the moment, It’s a low enough risk trade that I feel confident about sharing
Firstly, let’s look at the daily, we have a first wave that did 320%. Three hundred percent (insert jaw drop emoji here)!!! I don’t know many coin that did that much during their first push after the recovery from CME fall.
Secondly, that push was eventually followed by a second wave correction that should end either today or tomorrow at or near the 100D MA.
Third, back to the main 4H chart, we see that there’s a beautiful falling wedge which should terminate just between the .618 and .65 fib retracement levels. With the 100D MA right at the golden fib zone between .618 and .65, chances are high we'll get a bounce.
With those 3 things in play, if the crypto gods are willing, and if the stars align tonight, AND AND AND IF we see bullish momentum from BTC, we’ll likely see ELF bouncing from this descending wedge support to exit the wedge and make its way towards the first target at 19500, then on to 26000. We should expect more out of this push, but how far will depend on how these first few waves move. We'll re-estimate after we get the 1-2 push. I will likely update this idea or make a new one by then.
The wonderful thing about this trade is the ridiculous short stop. We’ll be stopping at roughly 11750 because if we get to that price, our wedge would likely be invalidated.
Entries: between .00012100 and .00012600
Stop below .00011750
Target: .000255, take half profit at .00019, and spread the rest all the way up to .000255
If you are the better safe than sorry type, wait for a signal from BTC or wait til we break out of the wedge for entry. Your stop and targets would be the same.
Found this idea to be entertaining or absolute garbage? Feel free to let me know with a like or comment. As always, good luck and stay safe!
Kinashi-San
*The ideas and comments expressed herein are my personal opinions and should not be taken as financial advice. Being a trader, at any given point in time, I may or may not be holding the asset in question. This is not a recommendation to buy, sell, or hold.*
I hesitated putting this idea up because at the moment, BTC might see support and rebound or it might just slip right through the triangle support and head towards the 4800 range. With that being an unknown, I normally would recommend a trade like this after the signal from BTC but with such a short stop at the moment, It’s a low enough risk trade that I feel confident about sharing
Firstly, let’s look at the daily, we have a first wave that did 320%. Three hundred percent (insert jaw drop emoji here)!!! I don’t know many coin that did that much during their first push after the recovery from CME fall.
Secondly, that push was eventually followed by a second wave correction that should end either today or tomorrow at or near the 100D MA.
Third, back to the main 4H chart, we see that there’s a beautiful falling wedge which should terminate just between the .618 and .65 fib retracement levels. With the 100D MA right at the golden fib zone between .618 and .65, chances are high we'll get a bounce.
With those 3 things in play, if the crypto gods are willing, and if the stars align tonight, AND AND AND IF we see bullish momentum from BTC, we’ll likely see ELF bouncing from this descending wedge support to exit the wedge and make its way towards the first target at 19500, then on to 26000. We should expect more out of this push, but how far will depend on how these first few waves move. We'll re-estimate after we get the 1-2 push. I will likely update this idea or make a new one by then.
The wonderful thing about this trade is the ridiculous short stop. We’ll be stopping at roughly 11750 because if we get to that price, our wedge would likely be invalidated.
Entries: between .00012100 and .00012600
Stop below .00011750
Target: .000255, take half profit at .00019, and spread the rest all the way up to .000255
If you are the better safe than sorry type, wait for a signal from BTC or wait til we break out of the wedge for entry. Your stop and targets would be the same.
Found this idea to be entertaining or absolute garbage? Feel free to let me know with a like or comment. As always, good luck and stay safe!
Kinashi-San
*The ideas and comments expressed herein are my personal opinions and should not be taken as financial advice. Being a trader, at any given point in time, I may or may not be holding the asset in question. This is not a recommendation to buy, sell, or hold.*