NONONONONONOOOOOOO NOT YET. DON'T BE EXCITED. CALM YO HAIRY ASS TITIES
"NEVER LET YOUR EMOTIONS GO INTO YOUR INVESTMENTS." - Me
Let's wait for some retests. Coz, what if it's a false move, right?? (Tho unlikely coz we got a good volume at the breakout of this falling wedge - but there's still no need to rush. There may be a better position at play) We're going to come to retest these levels:
Resistance - 8450 to 8700 range
Support - 7900 ; 7600 ; 7450
Don't really know what to expect LOL. Just ride the wave. Falling wedge - reversing to an uptrend. But for how long? I'd watch out for possible reversal or continuation patterns at the major levels
9500 - 10000
10900 - 11600
Tho for the short term, here's my plan:
Looking for a short term SHORT setup at 8450 - 8700 range. POSSIBLE reasons would be:
(Possible) Bearish divergence - RSI sloping down vs Price climbing up
(Possible) No breakout above this range - Must have significant volume and close at a good distance
(Possible) Reversal pattern occuring at this area
In execution, here's what I'll be in:
Wait for at least 3 closes. Watch for volume - decreasing volume while price going up makes the short a stronger case
Hedged at 2:1 ratio -- Hedge will be executed midway thru the first support
Stoploss at 8820
Position at 4x Leverage at 30% of my balance (Main position + Hedge Position)
No scaling in
Scaling out starts at 7900 (30%), then 7600 (50% & exit Hedge) and 7450 (20%).
Good luck to us~ <3
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Ascending Triangle appearing in the 4HR time frame.
7900 support looks good - strong rejection at the first retest, and no closes within the support area.
We might see price go up further than 8500 because of this consolidation. Let's see.
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Anyway, I'm preparing my move depending on how price reacts at 8400 - 8700 range.
I'll open a long if it breaks upward. Tho, the case is still strong to open a short if it fails to break.