BTCUSD Symmetrical Wedge Pattern Breakout Trade Possibility

Updated

This pattern can serve as a reversal pattern or continuation pattern and upon breakouts usually give high gains.

Watch out for fakeouts.

ETHUSD also has a Inverse H&S Pattern that could play out and could even turn into an ascending parallel channel upon break out if its bullish. Wait for confirmation candles.

So there are 3 possible patterns at play here.

Good luck!

Note

Wanted to share some ideas and thoughts on how to use smaller time frames to detect possible important patterns and signals that could give you an early advantage on what to do next. Also giving you an idea what your higher timeframes will look like if the move is sustained in the smaller timeframes. Even possible reversals and new pattern formations can be discovered early.

Note

Breakout happened. Just remember to keep create your stop loss in profit once you have a comfortable sum. Lots of uncertainty now. Take what is given and be safe. If it keeps going your way to next support, add into order in small portions if you can and immediately keep raising the stop loss in profit so you have a guaranteed sum no matter what happens. There will also be a CME bloody Gap if price goes above 5935 (cme high price on Friday daily candle close) and or lower than 4120 (cme candle lowest price on that same daily Friday candle.

So its risky to be holding trades not knowing if the CME Gaps will move the price to cover those gaps which might trap you underwater again if you are not careful.

Good luck and have a great week! Cheers!

mdyassink

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