BTCUSD just broke out of a descending channel to the upside with retracement to the channel ceiling . Bullish.
ETHUSD has been trading in a wedge and looks to breakout to the upside. However the pattern is most exact on ETHBTC.
I will enter long if price retraces to the bottom of the wedge with a stop beneath previous low.
Profit target: Upper extent of green area
Example
Stop 0.052
Entry 0.054
Take profit 0.082
Risk :Reward 15:1
ETHUSD has been trading in a wedge and looks to breakout to the upside. However the pattern is most exact on ETHBTC.
I will enter long if price retraces to the bottom of the wedge with a stop beneath previous low.
Profit target: Upper extent of green area
Example
Stop 0.052
Entry 0.054
Take profit 0.082
Risk :Reward 15:1
Comment:
ETH is very strong compared to BTC. It has shot up to the top of the channel. With such a strong move , it can have the momentum to push through it. I will wait tot see if it forms support on top of this channel for another leg higher
Comment:
so I may move my take profit up. We should know within 24 hours
Comment:
Preparing to close out this trade.
Alarm for bar close placed at double ascending line. I will close the trade if it crosses this line
Alarm for bar close placed at double ascending line. I will close the trade if it crosses this line
Comment:
This one minute chart shows a descending channel into the double ascending lines.
It will probably first become a wedge which will break up or continue down as a channel. We will have our answer soon
This one minute chart shows a descending channel into the double ascending lines.
It will probably first become a wedge which will break up or continue down as a channel. We will have our answer soon
Trade closed: target reached