There appears to be a falling wedge on the 4-hour. The price is following two down-sloping and converging trendlines, and the price has touched each trendline 6 times -- with 3 touches per trendline. We will probably see a retest of the $7,800 area again before breaking out of the wedge. I'm starting to scale in now just in case we don't. I will continue to buy all the way down to $7.8k. The highest peak is the final price target for the breakout. I will also be watching the 9k level, as I expect major resistance at that price.
Average Entry: $8,200ish
Stop Loss: $7,539
Final Target Price: $9,806
Risk/Reward Ratio: 5.74
I will update this trade accordingly.
Average Entry: $8,200ish
Stop Loss: $7,539
Final Target Price: $9,806
Risk/Reward Ratio: 5.74
I will update this trade accordingly.
Comment:
We broke out of the wedge earlier than I expected. We are now retesting that breakout. I don't expect the price to go below $7.9k, as this is strong support/a Fibonacci level.