Descending Broadening Wedge idea
I believe this is what people like to call megaphones in the chat.
We would need confirmation here of buying volume and breaking that upper trendline
Descending Broadening Wedges tend to breakout upwards.
Swing traders can trade the pattern from top to bottom and from bottom to top.
After the trendlines are formed, as soon as price touches the upper trendline go short. Cover this short (exit the trade) when price reaches the lower trendline.
As price touches the lower trendline go long (buy). Place your stop below the lower trendline. Trade price upwards to the upper trendline. Exit this trade here.
When price breaks the upper trendline and closes above it this signals a breakout. Go long (buy) here.
The target is the first (highest) high in the pattern.
We would need confirmation here of buying volume and breaking that upper trendline
Descending Broadening Wedges tend to breakout upwards.
Swing traders can trade the pattern from top to bottom and from bottom to top.
After the trendlines are formed, as soon as price touches the upper trendline go short. Cover this short (exit the trade) when price reaches the lower trendline.
As price touches the lower trendline go long (buy). Place your stop below the lower trendline. Trade price upwards to the upper trendline. Exit this trade here.
When price breaks the upper trendline and closes above it this signals a breakout. Go long (buy) here.
The target is the first (highest) high in the pattern.
Note
zooming in I'm seeing a slightly descending wedge Trade active
next targetsNote
above are ETHUSD but ETH is leading BTC atmNote
looking at ETH as a leading indicator I see a very bullish weekly a bulish daily a bullish 8 h chart an okay 4 h chart. Just the lowest timeframes aren't optimal so that's why I believe this little dump played out at the prior wave 4 correction level.Note
panic at an inverse ABC created a new wave 1 so I measured it out as if this is wave 1 and then the following would be targets. Ofcourse you're going to be careful as we hit resistance there, bears will be hungryNote
targets above for ETH below for BTC megaphoneTrade closed manually
invalid idea
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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.