$DEFI/USDT 4h (Binance Futures) Rising wedge on resistance
Updated
DeFi Index is likely to reverse here if gets rejected on that supply zone.
Current Price= 1761.7
Sell Entry= 1758.4 - 1810.2
Take Profit= 1587.4 | 1477.2 | 1314.6
Stop Loss= 1942.4
Risk/Reward= 1:41.25 | 1:1.94 | 1:2.97
Expected Profit= +22.08% | +34.42% | +52.64%
Possible Loss= -17.72%
Fib. Retracement= 0.236 | 0.382 | 0.618
Margin Leverage= 2x
Estimated Gain-time= 10 days
Current Price= 1761.7
Sell Entry= 1758.4 - 1810.2
Take Profit= 1587.4 | 1477.2 | 1314.6
Stop Loss= 1942.4
Risk/Reward= 1:41.25 | 1:1.94 | 1:2.97
Expected Profit= +22.08% | +34.42% | +52.64%
Possible Loss= -17.72%
Fib. Retracement= 0.236 | 0.382 | 0.618
Margin Leverage= 2x
Estimated Gain-time= 10 days
Trade closed: target reached
TP1 reached with +22.08% (2x) and +1.25RDeFi got rejected on resistance as planned then went down retesting 50MA support.
The rising wedge is still intact so this does not look too bearish (yet), SL updated at 2nd entry in any case (1810.2$).
Comment
Rising wedge broke-downDeFi index tried to bounce several times but could not stay above 50MA, it's now retesting 200MA.
It could bounce here but we are holding short since if support is lost then road to 2nd target!
Trade closed: target reached
TP2 reached with +34.42% (2x) and +1.94RDeFi lost 200MA support as expected, waiting for last target now with SL moved to 1st entry (1758.4$)
Trade closed: target reached
TP3 reached with +52.64%% (2x) and +2.97RDeFi Composite index kept going down, the trade is totally closed now.
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