BTCUSD wedge breakout, continuation of the downtrend
After the sharp move down, we see a rising wedge forming on H1/H4 charts. This type of wedge is usually a corrective structure, before continuation of the move (in this case a move down). Short positions could be initiated if the price breaks the bottom trend line (a good idea might be waiting for a confirmation of the break, by testing the broken trend line).
Stop loss - above last weeks high
Take profit - around the minimum of last week (as i think there is a big chance of price testing the 480 level again)
Looking for a risk/rewart up to 1:5.
Stop loss - above last weeks high
Take profit - around the minimum of last week (as i think there is a big chance of price testing the 480 level again)
Looking for a risk/rewart up to 1:5.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.