What we are seeing here is a bounce off of the support. Historical pricing shows us that this is the 4th time we have done this and the last 3 times we bounced off support we hit $34.5/$41.5/$43.5.
I am entered into this position at $32, I am sharing this chart to share why I did so, and the reason why I believe the risk/reward is there.
1. If we break under support I would be able to close my position for a small loss. (This has not happened, so far we have a confirmed reversal)
2. $45 is my take profit target, for a 40% profit.
3. It is possible that we breakout at $45 and push to new highs. If this happens I will make my position long term and seek $60-$80
4. If we do not breakout and I take profit at $45, because of the rising wedge, we should see another dip to $33, then back up. For another 30% profit on spot.
5. Ultimately I believe we are heading towards a breakout to new highs on this wave up, or the next one.
Thank you for checking out my TA, PLEASE trade on your own accord. This is an archive for me.
I am entered into this position at $32, I am sharing this chart to share why I did so, and the reason why I believe the risk/reward is there.
1. If we break under support I would be able to close my position for a small loss. (This has not happened, so far we have a confirmed reversal)
2. $45 is my take profit target, for a 40% profit.
3. It is possible that we breakout at $45 and push to new highs. If this happens I will make my position long term and seek $60-$80
4. If we do not breakout and I take profit at $45, because of the rising wedge, we should see another dip to $33, then back up. For another 30% profit on spot.
5. Ultimately I believe we are heading towards a breakout to new highs on this wave up, or the next one.
Thank you for checking out my TA, PLEASE trade on your own accord. This is an archive for me.
Comment:
Trade still open, I am expecting us to break through this resistance because the btc pair still has a ways to go. Target $60 or .0037btc
Comment:
Closed trade one btc breaking support. Reopening at $35-$39