LINK has been trading inside a wedge for a couple of weeks not. Only a few hours ago it rejected the wedge support and is currently on its way up again.
This trade is based on the idea that the wedge will continue to hold strong in the near future.
Before entering this trade wait for the price to close above the Entry line. Higher time frames yield a higher predictive power.
On the chart I’ve marked two potential areas of resistance, R1 and R2. These areas are based on recent swing highs and round numbers. Do your own due diligence.
Is it a rising wedge pattern? By the description I read online, does it implies more bearish bias than bullish?
FieryTrading
⋅
@joseph42379, Yes, the break-out of the rising wedge pattern is indeed a bearish one. This trade, however, implies that that the pattern will continue to hold instead of break-out.