LINKUSD Possible Rising Wedge Forming 4HR
Updated
We seem to have a rising wedge forming on LINK's 4 HR chart.
This is meant to be a bearish pattern, so we will be waiting for a downside break of the pattern BEFORE entry.
However, we can build a basic plan here.
The pattern covers about $3.797 or ~51% of the current price, multiplied by our chances of reaching the target point (0.63 or 63%) we get:
Entry: AFTER a solid break of the bottom of the pattern. OR after one full bar has opened and closed beyond the pattern (full confirm)
TP ~2.393$ from break point
SL: Previous swing high, we currently assume it to be ~12.11 or the top of our pattern for this current up move.
IF we break the current resistance between 12.13$-12.35$ then this pattern is invalidated or 'busted'
Pattern info: thepatternsite.com/risewedge.html
This is meant to be a bearish pattern, so we will be waiting for a downside break of the pattern BEFORE entry.
However, we can build a basic plan here.
The pattern covers about $3.797 or ~51% of the current price, multiplied by our chances of reaching the target point (0.63 or 63%) we get:
Entry: AFTER a solid break of the bottom of the pattern. OR after one full bar has opened and closed beyond the pattern (full confirm)
TP ~2.393$ from break point
SL: Previous swing high, we currently assume it to be ~12.11 or the top of our pattern for this current up move.
IF we break the current resistance between 12.13$-12.35$ then this pattern is invalidated or 'busted'
Pattern info: thepatternsite.com/risewedge.html
Note
This will be our decision point. Whether the rising wedge plays out, or the 1HR bull flags currently all over Tview and twitter.Only time will tell.
Note
Hasn't been a convincing breakout yet, will wait and see if this is a fakeout first. However it looks like the bull flag version may play out. Will update as we goNote
Personally I will be using $13.15-13.20 as my invalidation point, below that this could just be a head-fake before the proper move. Anything above that and I will be cancelling this setup and waiting for the next pattern.Note
So far our upward move seems to have been a fakeout. I will still continue updating this as it plays out, but pattern is still valid so far.Note
Stop orders set to enter after break.
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