I'm seeing a Descending Broadening Wedge on BINANCE:BTCUSDT
Let me explain what I'm seeing:
A: Top of the wedge. If B holds, this will be first take profit target for long.
B: Bottom of the wedge. Decision point and first take profit target for short.
If the bottom trend line gets broken (opening/closing a H4 candle below) it means this pattern has failed and...
Hidden Bearish Divergence signals for a continuation of our current trend.
Expecting more lower highs for both BITFINEX:ETHUSD and BITFINEX:BTCUSD
Currently already in short positions.
Good luck and be safe :)
This is not financial advice. Your capital is your own responsibility. I am not responsible for your losses.
Correction wave looks complete. I've been laddering shorts in the red box. Waiting for next impulse wave down.
Take profit target (green box) for Wave 3 is 1.618 from Wave 1 (5 count) at around $80. Will shed around 25% of the position there.
Count will be invalidated if we close a 4H candle above the yellow line. It will serve as a soft stop-loss.