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YOYO Trading Idea with Trend and Pattern Analysis

BINANCE:YOYOBTC   YOYO / Bitcoin
Here we can see YOYO on the 4 hr             chart after it's recent breakout. There are a few things going on here.

First, I used trend lines to explain previous price action, and to identify a potential bottom for YOYO.

The initial up-move after the Spring transitioned into a sideways trading channel, which is normal

Price action may have formed an Ascending Broadening Wedge pattern, see below to see an explanation of what that is:
https://excellenceassured.com/trading/trade-chart-patterns/broadening-patterns-wedges

The first time YOYO entered this pattern, it did not have the strength to break out, which is expected since it had only just sprung from the bottom.

After some consolidation, it appears we may again be in an Ascending Broadening Wedge pattern, only this time it's larger, with more volatility .

If we are indeed in this formation, there should be an A,B,C,D,E,F pattern before YOYO makes an ultimate decision to breakout or not

That is where the trouble lies, as no F point has been established yet. This will happen when price once again touches the lower green line.

This is why it may be wise to wait for further price action so that a reasonable entry can be made. I highlighted this area in yellow.

Ultimately, I am very bullish on YOYO, and if this coin doesn't wanna mess around then I believe it could just break out without ever touching back down. But I think it is a less likely scenario, and I'd imagine it would require some heavy volume .

As always, we shall see how this plays out :)
Happy trading!
Bình luận: BIG bitcoin price action taking place. Wait for btc consolidation, and then YOYO can continue upwards.
Bình luận: Price has touched lower trend line and briefly broke through, but thankfully we did not close that way. If you are holding this coin or looking for an entry, please keep a careful eye on it.
I believe we may retest the trend line once more, and if we bounce from there we should be in the clear for the next target. If not, have that SL ready!
Bình luận: After dipping down, price is heading back up. If you did not long already, I would
still wait for a possible retest of the lower trend line. But if this baby breaks 1300 sats I would jump in. But that's just me. **Not trading advice, just analysis**
Bình luận: We are now in the buy zone. Conservative traders can wait for a breakout to buy. Next profit target is 1500 sats.
Price may consolidate a little longer, but I believe decision time is coming soon.
If price does break below the trend line, I would set the stop-loss at 1100. I know this is low, but it is also possible that price triggers your SL, and then breaks out. How would that feel? Risk / Reward ratio is still good, good upwards potential beyond 1500 as well. Don't let yourself get stopped out too early
Bình luận: Actually for the stop-loss I would set mine at 1125 instead of 1100
Bình luận: We are ranging sideways, and pushing up against are trend line.
Now would be a great time to either enter or HODL, as long as you set tight stops!
This trade could just as easily go south as it could make us our money!
Risk management!
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