Looks like price is spiking to perfectly meet the point of the rising wedge and horizontal resistance. The ATH weekly finished on a Gravestone Doji so it would be fitting to break down out of highs on Halloween.
Final Target Entry $68,800
Initial Short TP $57k (10%)
- As planned, new long will act as hedge while the short is activated - laddered in to $63,800. The market can switch narrative on a dime so if $64k breaks this could pump hard so a short term hedge is best for me in these circumstances.
- TP timeframe is Wednesday. In-between now and then is unclear but expecting a small period for ALTs to run on Sunday and breakdown on Monday.
The most interesting part of the play is not the entry but the structure at the Target Price - right into the previously broken descending resistance! Psychologically this will be a bullish signal for many but it is but a trap. A monster to them but really an artist.
Just an Idea
.
Best, Hard Forky
Final Target Entry $68,800
Initial Short TP $57k (10%)
- As planned, new long will act as hedge while the short is activated - laddered in to $63,800. The market can switch narrative on a dime so if $64k breaks this could pump hard so a short term hedge is best for me in these circumstances.
- TP timeframe is Wednesday. In-between now and then is unclear but expecting a small period for ALTs to run on Sunday and breakdown on Monday.
The most interesting part of the play is not the entry but the structure at the Target Price - right into the previously broken descending resistance! Psychologically this will be a bullish signal for many but it is but a trap. A monster to them but really an artist.
Just an Idea
.
Best, Hard Forky
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Got there in the end - Short
