Retrace to $8k Before Continuation

6 thg 2, 2020

I've been watching this rising wedge pattern for a couple of days now. You could draw the upper line in a couple of ways I suppose. I wouldn't be comfortable shorting this but will definitely be going long if we do get this retrace. I personally would like to see us retest and consolidate above the 200day EMA for awhile before continuing an uptrend.

11 thg 2, 2020

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Update: I've moved my resistance and support levels around a bit as price has matured. Still expecting this to play out, but not confidently. This might as well be a completely different chart, as the wedge is now much smaller than how I originally drew it, but that's how forecasting goes I suppose. The target of this smaller wedge is around 8500ish, which coincides with the 200 day EMA quite well. All in all, this makes quite a bit of sense to me from a technical standpoint.

That vertical red line just so happens to be a day that I'm expecting a significant bonus check and you already know what I'm planning to do with it. Sadly, I'm left sitting on the sidelines until then. I've got my fingers crossed in hopes that we don't get an explosive move to the upside before then lol.