XBT faces a rising wedge formation. Break Out or Break Down?
On the 4 hour Time Frame XBT is up against the walls of the current high and the trend supporting the rising wedge formation.
If successful on breaking through, I would look for a long roughly 7700. A good 3-4% trade.
If breaking down my first take profit is at red line (1 hour trend) and second take profit at the 4 hour trend. This short is a good 3-7% trade.
Price is getting so squeezed into the corner.
Time will tells but the bulls are fierce the last couple of days!!
If successful on breaking through, I would look for a long roughly 7700. A good 3-4% trade.
If breaking down my first take profit is at red line (1 hour trend) and second take profit at the 4 hour trend. This short is a good 3-7% trade.
Price is getting so squeezed into the corner.
Time will tells but the bulls are fierce the last couple of days!!
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