ICONOMI / Bitcoin - Triangle breakout trend trade - ICNXBT
We have a nice looking consolidation here, within the two blue trendlines.
It's hard to know what to think with these trends that are moving upwards but with a trend that looks like garbage. The main problem here for me is the dump about midway up. The price recovers quickly back to the trendline, but it's put a bit of a dent in what would otherwise seem like a trend to have some confidence in.
However, we need to be consistant, and there are two objective reasons for trying to get in:
A) The price is clearly moving upwards.
B) We have a nice sideways consolidation, giving a high risk to reward chance to get in.
So, let's accept the possibility of being stopped out, set it up, and see what happens.
Good luck if you're attempting something similar!
Mark
It's hard to know what to think with these trends that are moving upwards but with a trend that looks like garbage. The main problem here for me is the dump about midway up. The price recovers quickly back to the trendline, but it's put a bit of a dent in what would otherwise seem like a trend to have some confidence in.
However, we need to be consistant, and there are two objective reasons for trying to get in:
A) The price is clearly moving upwards.
B) We have a nice sideways consolidation, giving a high risk to reward chance to get in.
So, let's accept the possibility of being stopped out, set it up, and see what happens.
Good luck if you're attempting something similar!
Mark
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