Descending broadening wedge - Target 7150-7200
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Re-test is occurring. We are looking for a bounce from here:
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This is a pretty early call and completely hypothetical at this stage, however once we hit our target there is a good chance we may form a rising broadening wedge. We obviously need some more touch points to confirm, however if this does occur it could potentially send us back down to 5950-6000ish again. Regardless, I am still expecting to reach our target of 7150-7200ish and will then reassess.
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We have been ranging for a few days now. I expect a strong move upwards is imminent.
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Ascending triangle forming supporting our target with a potential to actually go higher (around 7250).
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Continuing to look good:
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Note: There is a pretty good chance once we break out of the top resistance line of the ascending triangle that we will hit resistance at the red line I have added in the below image. This will cause a retest of the top resistance line as new support before we attempt our run up to the target.
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Ascending triangle pattern didn't hold. None the less, the pink descending broadening wedge is still the dominant pattern that has completed. We are still going to our target of 7150-7250. In the very short term we now have the support turned resistance of the triangle pattern. We have some support identified by the red channel, so we might see a small retrace back to the red support line before having another go at the new resistance provided by the triangle.
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I think today is likely the day we make a move up. Shorts are at their highest level since April when we had a massive short squeeze. We have a nice little inverse H&S forming on the one hour that may (or may not) kick the move off. As you can see, the lower support turned resistance of the ascending triangle has been keeping us at bay, however if we can break through then I see us making a strong move up to at least 6700 and possibly as high as the red channel resistance at 6900.
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Hit the top of the red channel perfectly. It won't be long until we move up further and hit our target.
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And right back down to the other side of the channel. I expect on our next run up to test the top resistance we will smash through and hit our target of 7150.
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Still working our way to our target. We should get there within the next 5 days. A possible path I am thinking could look like this, though in reality it is anyone's guess. None the less, not too long til we reach the target and trade can be closed. From there we re-assess our position.
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Update: I took profit at 6780. Looking at a few more indicators I think we have a pretty much equal chance of either shooting up to hit our target or breaking to the down side of the red channel and re-testing the bottom. 50/50 is too much of a gamble for me. I am happy with 300% profit on Bitmex so no need to try and squeeze more out of it and be greedy. I will re-assess and look for a new entry based on how the next day or two play out. All the best.
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