$ENJ/USDT 1h (Binance Futures) Rising wedge facing resistance
Updated
Enjin is forming a rising pattern, this is a reversal pattern and I believe it will breakdown after such growth!
Current Price= 0.44052
Buy Entry= 0.43978 - 0.46378
Take Profit= 0.39091 | 0.35426 | 0.30538
Stop Loss= 0.50066
Risk/Reward= 1:1.25 | 1:2 | 1:3
Expected Profit= +13.47% | +21.59% | +32.41%
Possible Loss= -10.82%
Fib. Retracement= 0.236 | 0.382 | 0.618
Margin Leverage= 1x
Estimated Gain-time= 120h
Current Price= 0.44052
Buy Entry= 0.43978 - 0.46378
Take Profit= 0.39091 | 0.35426 | 0.30538
Stop Loss= 0.50066
Risk/Reward= 1:1.25 | 1:2 | 1:3
Expected Profit= +13.47% | +21.59% | +32.41%
Possible Loss= -10.82%
Fib. Retracement= 0.236 | 0.382 | 0.618
Margin Leverage= 1x
Estimated Gain-time= 120h
Trade active
First entry filled and dippedEnjin went down and bounced on wedge support so far, so I decided to move TP1 a bit higher: 0.40314$ having RR= 1:1 now.
Trade closed: target reached
TP2 reached with +21.59% (1x)Enjin broke-down of that wedge as expected, nice retracement so far.
I'm not sure if we'll reach last target but I'll let run remaining position with SL at entry just in case!
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