Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Hi Everybody,
This trade set up is a variant of the falling wedge developed by Bill Wolfe and verified statistically by Thomas Bulkowski. Given the criteria shown on the chart the Wolfe Wave was identified 4,839 times within charts of 2,679 stocks between the years 1990-2013.
This trade was found to have a moderate performance rating, finding approximately 47% of price movements to reach at least the EPA before being stopped out. Given the severity of BTC's recent decline the chance of aggressive pull back upon breakout should be strongly considered.
Breakouts should be observed to move >5% to be considered successful, otherwise a Busted Pattern ideology should steer the trade further.
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This is why hedging is important, always two sides to a coin.
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Comment
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Trade active
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Comment
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Image is a link to active chart for a retest of the breakout, 0.786 is a likely target in my opinion. This shape will endorse an inverse head and shoulders chart pattern to allow price to re-enter the $9,000 range.