COCOS in a bigger falling wedge!
Here's a quick Look at COCOS 4 hr chart. As we can see, the price has been forming a bigger falling wedge. The price is currently at the bottom of the wedge, and if it breaks to the downside, we could potentially see a retrace to approximately 1.2$! Keep an eye on this falling wedge!
The best entry would be, when the price breaks above 2.6$ with good amount of volume .
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The idea is: Buy when the price breaks above 2.6$ and take profits at the levels shown in the chart.
Targets:
1. 2.9$
2. 3.6$
3. 4.2$
4. 5.5$
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What Is a Wedge in the context of trading?:
"A wedge is a price pattern marked by converging trend lines on a price chart. The two trend lines are drawn to connect the respective highs and lows of a price series over the course of 10 to 50 periods. The lines show that the highs and the lows are either rising or falling and differing rates, giving the appearance of a wedge as the lines approach a convergence. Wedge shaped trend lines are considered useful indicators of a potential reversal in price action by technical analysts.
Key Takeaways for Falling wedges:
1. Wedge patterns are usually characterized by converging trend lines over 10 to 50 trading periods.
2. The patterns may be considered rising or falling wedges depending on their direction.
3. These patterns have an unusually good track record for forecasting price reversals."
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The best entry would be, when the price breaks above 2.6$ with good amount of volume .
-------------------------------------------
The idea is: Buy when the price breaks above 2.6$ and take profits at the levels shown in the chart.
Targets:
1. 2.9$
2. 3.6$
3. 4.2$
4. 5.5$
-------------------------------------------
What Is a Wedge in the context of trading?:
"A wedge is a price pattern marked by converging trend lines on a price chart. The two trend lines are drawn to connect the respective highs and lows of a price series over the course of 10 to 50 periods. The lines show that the highs and the lows are either rising or falling and differing rates, giving the appearance of a wedge as the lines approach a convergence. Wedge shaped trend lines are considered useful indicators of a potential reversal in price action by technical analysts.
Key Takeaways for Falling wedges:
1. Wedge patterns are usually characterized by converging trend lines over 10 to 50 trading periods.
2. The patterns may be considered rising or falling wedges depending on their direction.
3. These patterns have an unusually good track record for forecasting price reversals."
-------------------------------------------
If you like the content, then make sure to comment and like the post :D
Follow me for daily profitable trading setups
BTC dictates the market. If BTC falls, then Alts will fall as well. Trade safe!
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