Rising Wedge Continuation Pattern
The rising wedge pattern just broke down on the BTC.D chart. Typical for that set is to appear when the price consolidates, and if confirmed, it’s predominantly a continuation pattern of the long term trend.
Trade opening should be upon once the support(blue) is broken and retested as resistance.
Target a.k.a. Take Profit(purple) should be the vertical distance between resistance(yellow) and support(blue) at the starting point of the wedge.
Stop-Loss(red) should be placed slightly above the resistance of the wedge(blue).
Win to lose ratio: approximately 3:1
Last but not least, the above scenario perfectly coincides with the #divergence (orange) on the RSI.
The rising wedge pattern just broke down on the BTC.D chart. Typical for that set is to appear when the price consolidates, and if confirmed, it’s predominantly a continuation pattern of the long term trend.
Trade opening should be upon once the support(blue) is broken and retested as resistance.
Target a.k.a. Take Profit(purple) should be the vertical distance between resistance(yellow) and support(blue) at the starting point of the wedge.
Stop-Loss(red) should be placed slightly above the resistance of the wedge(blue).
Win to lose ratio: approximately 3:1
Last but not least, the above scenario perfectly coincides with the #divergence (orange) on the RSI.
Trade active:
The last two consecutive weeks candlesticks are Shooting Star and Hanging man respectively. Both patterns indicate short term trend reversal to bearish and confirm the above technical analysis.
Trade closed: target reached:
Target reached. Moving assets back to BTC.
