Quick Look at CHRHere's a quick look at the CHR Daily chart . As we can see, the price has broken out from its bigger downtrend and a bigger reversal could be upon us. If you didnt catch the breakout from the previous setup , then the best entry now would be when the price breaks above 0.682$ with good amount of volume . Definitely one to keep an eye on!
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The idea is: Buy when the price breaks above 0.682$ and take profits at the levels shown in the chart.
Targets:
1. 0.75$
2. 0.86$
3. 0.97$
4. 1.24$
5. 1.5$
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What Is a Wedge in the context of trading?:
"A wedge is a price pattern marked by converging trend lines on a price chart. The two trend lines are drawn to connect the respective highs and lows of a price series over the course of 10 to 50 periods. The lines show that the highs and the lows are either rising or falling and differing rates, giving the appearance of a wedge as the lines approach a convergence. Wedge-shaped trend lines are considered useful indicators of a potential reversal in price action by technical analysts.
Key Takeaways for Falling wedges:
1. Wedge patterns are usually characterized by converging trend lines over 10 to 50 trading periods.
2. The patterns may be considered rising or falling wedges depending on their direction.
3. These patterns have an unusually good track record for forecasting price reversals."
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BTC dictates the market. If BTC falls, then Alts will fall as well. Trade safe!
