MKR/USDT (1H) – Rising Wedge Breakdown Potential
Market Overview:
The MKR/USDT pair is forming a Rising Wedge, a bearish reversal pattern. This suggests a potential downside move after a strong uptrend if the price breaks below the support level.
Key Technical Observations:
🔹 Rising Wedge Formation: The pattern consists of higher highs (HH) and higher lows (HL), signaling weakening bullish momentum.
🔹 RSI Bearish Divergence: The RSI indicates weakening buying pressure, increasing the likelihood of a correction.
Trade Setup:
📌 Sell Stop Entry: Below 1,157.1 (Wedge breakdown)
📌 Stop Loss: 1,273.9 (Above resistance)
📌 Take Profit 1: 1,100.6
📌 Take Profit 2: 1,026.6
Trading Plan:
✅ If the price breaks below 1,157.1, a short position is valid.
✅ Stop loss is placed above resistance to limit upside risk.
✅ Secure partial profits at TP-1 (1,100.6) and trail SL for TP-2 (1,026.6).
💡 Conclusion:
A confirmed Rising Wedge breakdown signals a potential bearish move. Traders should wait for a clear break below 1,157.1 before entering short positions.
📉 Trade smart & manage risk! 🚨
💬 What’s your view on MKR? Drop your thoughts in the comments! 🔥👇
The MKR/USDT pair is forming a Rising Wedge, a bearish reversal pattern. This suggests a potential downside move after a strong uptrend if the price breaks below the support level.
Key Technical Observations:
🔹 Rising Wedge Formation: The pattern consists of higher highs (HH) and higher lows (HL), signaling weakening bullish momentum.
🔹 RSI Bearish Divergence: The RSI indicates weakening buying pressure, increasing the likelihood of a correction.
Trade Setup:
📌 Sell Stop Entry: Below 1,157.1 (Wedge breakdown)
📌 Stop Loss: 1,273.9 (Above resistance)
📌 Take Profit 1: 1,100.6
📌 Take Profit 2: 1,026.6
Trading Plan:
✅ If the price breaks below 1,157.1, a short position is valid.
✅ Stop loss is placed above resistance to limit upside risk.
✅ Secure partial profits at TP-1 (1,100.6) and trail SL for TP-2 (1,026.6).
💡 Conclusion:
A confirmed Rising Wedge breakdown signals a potential bearish move. Traders should wait for a clear break below 1,157.1 before entering short positions.
📉 Trade smart & manage risk! 🚨
💬 What’s your view on MKR? Drop your thoughts in the comments! 🔥👇
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.
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.