BNB rising wedge - ATH break out
Probably some sideways now that BTC is stealing the show.
Building support in this blue box S/R area.
Overall super bullish.
I expect it to go sideways for some hours until we reach the support line of the rising wedge. There it's decision time. We obviously can break out sooner.
IF the market doesn't do anything strange, I expect it to break to the upside from there, but we obviously should NOT trade based on our (personal) bias, but react when the event actually happens.
Alerts are set on both the support and resistance line (nice Tradingview feature btw)
FYI:
1. a rising wedge has a bearish bias, and that's something to keep in mind, but don't forget that all patterns CAN always break out both ways.
2. The bigger double bottom (W) pattern usually should be traded like one if it's the bottom of a downtrend, so don't pay too much attention to that.
3. I take my entries extremely tight to either the support or resistance line, so I can hold that same line as my invalidation, to exit (I exit manually so I can exit at the bearish retest, stoploss can't ever be so tight or it would hit immediately)
Building support in this blue box S/R area.
Overall super bullish.
I expect it to go sideways for some hours until we reach the support line of the rising wedge. There it's decision time. We obviously can break out sooner.
IF the market doesn't do anything strange, I expect it to break to the upside from there, but we obviously should NOT trade based on our (personal) bias, but react when the event actually happens.
Alerts are set on both the support and resistance line (nice Tradingview feature btw)
FYI:
1. a rising wedge has a bearish bias, and that's something to keep in mind, but don't forget that all patterns CAN always break out both ways.
2. The bigger double bottom (W) pattern usually should be traded like one if it's the bottom of a downtrend, so don't pay too much attention to that.
3. I take my entries extremely tight to either the support or resistance line, so I can hold that same line as my invalidation, to exit (I exit manually so I can exit at the bearish retest, stoploss can't ever be so tight or it would hit immediately)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.