[ELF/BTC] Ascending Rising Wedge-Short Term Gains
Updated
This rising wedge appears to provide an opportunity for short term gains with specific stops. This is how i set up my trade for ELF/BTC.. If you turn on your Bollinger Bands you will see that as of this post its on a narrow squeeze on Jan 28th, 2018 at 19:28 central time with a potential for short triangular burst outbreaks hitting support and resistance in an ascending rising wedge.
Entry Point Range: 0.00016500-0.00017500
Targets:
Conservative Profit Sell Stop: 0.00019000
More Aggressive Profit Sell Stop: 0.00023500
Disclosure:
Please note this is not financial advise. I am only showing you what I did on my trade! Do your own homework and research. I am not a professional day or swing trader.
Good Luck
Article Sources:
en.wikipedia.org/wiki/Wedge_pattern
Entry Point Range: 0.00016500-0.00017500
Targets:
Conservative Profit Sell Stop: 0.00019000
More Aggressive Profit Sell Stop: 0.00023500
Disclosure:
Please note this is not financial advise. I am only showing you what I did on my trade! Do your own homework and research. I am not a professional day or swing trader.
Good Luck
Article Sources:
en.wikipedia.org/wiki/Wedge_pattern
Trade active
So far ascending wedge is still bullish and trending up. Price has risen up on my position since Jan 28th, in 2 days about 6.92% .. It has peaked as high as 15% from my purchase position as you can see on the chart with link below. Chart indicates traders are keeping the volume trading within the support and resistance lines. Volume looks strong. I don't see of any signs yet of it trending down. I believe I might have to close my target sell off price sooner. Im being aggressive and going a bit longer than the usual short. But overall it is looking good in the last 2 days since my original post. My anticipated sell off is in about 6 days.
Trade closed manually
Bitcoin is very volatile today. I ended up closing the my position and pulled out exactly at the same price I entered 2 days ago at 0.00017090 which was $1.97... I made no profit. Sucks! But I didn't loose anything either. Broke exactly even. If you notice on my chart below, price broke support level on bottom. Everyone is dumping today because of bitcoin! I will try and pick up my position on ELF/BTC once things calm down. Support does not always hold and a break below support signals that the bears have won out over the bulls. A decline below support indicates a new willingness to sell and/or a lack of incentive to buy. Support breaks and new lows signal that sellers have reduced their expectations and are willing sell at even lower prices
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