Wedge Breakout
Updated
I decided to post a new topic since I have been posting screenshots of my BTC channel trades in my Onward Dasher post. The descending wedge outlined by yellow finally broke out. Right where I had my blue support line drawn from what I saw as a possible break out line the chart was creating.
The breakout seems to have stalled out right at the 1 Fibonacci line which I found from taking a Fib Extension from the base of the previous breakout to the ATH top and off of its extreme low. Beautiful how perfect that worked out! The blue box shows that 1 to 1 extension area. Off of this it might correct lower or stall. But I think it should follow my blue line up especially if it doesn't break the yellow support line around 10k.
Possible next levels are to the top of my green box which I created using the base of my descending wedge....
What do you all think will happen?
The breakout seems to have stalled out right at the 1 Fibonacci line which I found from taking a Fib Extension from the base of the previous breakout to the ATH top and off of its extreme low. Beautiful how perfect that worked out! The blue box shows that 1 to 1 extension area. Off of this it might correct lower or stall. But I think it should follow my blue line up especially if it doesn't break the yellow support line around 10k.
Possible next levels are to the top of my green box which I created using the base of my descending wedge....
What do you all think will happen?
Comment
Image from my Onward Dasher post while trading the channel before my blue possible breakout line was followed out of the channel.Comment
Keep in mind this is a shorter term trade off of a longer term investment. This is a one hour chart and Analysis for a longer timeframe aren't analyzed in this chart.Comment
So far so good. I have also added a few red horizontal lines to indicate past resistance levels. They are all getting demolished beautifullyTrade closed: target reached
Just like that! Support/Resistance lines worked smoothly. I exited with some good profit. I am looking for it to possibly test my lower line again to maybe get a trade back up but not sure it will as yet.God bless to all,
Peace
Comment
Went straight to the 1.618 line then back to my line. I always like to undershoot my trades to ensure I take profits in time. BTC is back testing the horizontal breakout line I have. I won't be taking this trade I am looking at BCH right now but It should continue following my line up for a bit.Comment
Possible route to a wave smaller time frame wave (5) trade. I am not taking this one as I said before I am focused on a trade in BCH right now. Be careful though if the blue diagonal support line fails be ready to get out especially if the two red horizontal support lines fail with it. Money and risk management is the game. An average level trader doesn't have to be right 100% of the time to still be in profit.Comment
Climbing steadily,Comment
It found back my line. Nothing ever goes perfectly up or down. It seems to be playing around my line.Comment
Alright everyone it seems the party is over temporarily over for btc. She is on wave (b) of her correction and should drop further down towards a wave (c). It was fun scalping this one. Hope you all made some profits
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