Massive falling wedge on 1INCHBTC

Updated

After a huge runup early 2021 1Inch has been correcting and slowly formed a falling wedge for months. Now it is close to the final stage and looks ready for a breakout. After the last touch of the bottom line a large daily candle with increased volume is indicating returning strength. I'll try to get an entry at the pullback still inside the wedge around 1665, leaving room for additional buys. SL just below the low at the lower line for the moment but willing to add and lower SL as long as it stays inside the wedge. Final target at 12420, first target 7398.

Trade active

Entry was hit and set a second entry at 4643 around the low. Running a virtual SL for now at 4749, but will add it when the second buy order is hit. First target remains weekly close level around 6498

Note

Broken out of the falling wedge to the upside, placed two limit add-ons at 6001 and 5882. Will move Sl higher when those are hit. First target remains 6498.

Trade active

Overshot the first target, making the retracement to 5882-6001 less likely. Took 50% market sell at 6558, as I hadn't yet put a limit sell order. Raising my first re entry to 6201 and keeping the second at 5882, both 50% of original position. SL in profit at 5398, just below the low a few steps back.

Trade closed: target reached

First re-entry was hit, closed position around 9500 when it suddenly went insane. It stopped quite close to my projected target, which is nice. I never expected this to go there so fast. Nice 51% profit, on to the next one.

wjstienstra

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