Just a quick update today since the price is moving.
As you can see we broke above the Symmetrical Triangle on the last run we made and came back down to make another higher low, which confirms the ascending trend channel we have been in since the beginning of 2022.
We also have the zone of resistance between $44.5k and $45.5k that we have been having some trouble staying above as well. So we will see how much resistance that provides being that we broke right through it last attempt. We also have the market cycle, fibonacci extension measurement showing the .55 fib ext level at about the $46,350 level.
Wave trend strategy has broken above resistance and is curled upwards for a swiing upwards on the daily timeframe. With the break of the symmetrical triangle and then now holding above the resistance lines as shown, this shows bullish strength along with the indicators shown and for us to continue within the ascending triangle that we are also within right now.
Limit Order: @$39.890 & $40,650 (65:35 split)
Stop Loss: @ $38,500 for 45% & $37,400 would be a full stop out. Price action continuing below the $37,400 price level would be below the lowest wick low trend line that is possible to keep the ascending triangle formation.
Profit Targets:
1st - $44.330 (20% of total position)
Scenario 1: If we are looking at rejection close position, cause we can reopen another long position when we move to the bottom of the trend channel again of which timeframe wise is possible and would also put us at the end of the ascending triangle with a high probability to break out to the upside.
Scenario 2: If we look to be consolidating just below or above our the resistance zone between $44,330 to $46,350 level; A 20% take profit could be taken here, and then continue to watch the price action for indications of a breakout above the ascending triangle. If we are rejected within consolidation within the resistance zone, take remainder of profits in quarters (so with 80% remaining that would be 4x 20% take profits) and close them out where you feel is right.
If scenario 2 occurs, and we look to be breaking above the ascending triangle, then we would look for a take profit target shown in the chart below:
Take profits: $48,900 & $50,150 (35:65 split)
Stop Loss == Trailing Stop set at 5% of the price action high.
If we are to go and hit the ascending trend channel high, I would be closed out of this position entirely and awaiting the price action to drop back down to retest the .55 Fib Ext level @ $46.350 and hold support there. After which I would look for us to break the ascending trend channel and make a run back toward the .618 fib ext around @64.5k
As you can see we broke above the Symmetrical Triangle on the last run we made and came back down to make another higher low, which confirms the ascending trend channel we have been in since the beginning of 2022.
We also have the zone of resistance between $44.5k and $45.5k that we have been having some trouble staying above as well. So we will see how much resistance that provides being that we broke right through it last attempt. We also have the market cycle, fibonacci extension measurement showing the .55 fib ext level at about the $46,350 level.
Wave trend strategy has broken above resistance and is curled upwards for a swiing upwards on the daily timeframe. With the break of the symmetrical triangle and then now holding above the resistance lines as shown, this shows bullish strength along with the indicators shown and for us to continue within the ascending triangle that we are also within right now.
Limit Order: @$39.890 & $40,650 (65:35 split)
Stop Loss: @ $38,500 for 45% & $37,400 would be a full stop out. Price action continuing below the $37,400 price level would be below the lowest wick low trend line that is possible to keep the ascending triangle formation.
Profit Targets:
1st - $44.330 (20% of total position)
Scenario 1: If we are looking at rejection close position, cause we can reopen another long position when we move to the bottom of the trend channel again of which timeframe wise is possible and would also put us at the end of the ascending triangle with a high probability to break out to the upside.
Scenario 2: If we look to be consolidating just below or above our the resistance zone between $44,330 to $46,350 level; A 20% take profit could be taken here, and then continue to watch the price action for indications of a breakout above the ascending triangle. If we are rejected within consolidation within the resistance zone, take remainder of profits in quarters (so with 80% remaining that would be 4x 20% take profits) and close them out where you feel is right.
If scenario 2 occurs, and we look to be breaking above the ascending triangle, then we would look for a take profit target shown in the chart below:
Take profits: $48,900 & $50,150 (35:65 split)
Stop Loss == Trailing Stop set at 5% of the price action high.
If we are to go and hit the ascending trend channel high, I would be closed out of this position entirely and awaiting the price action to drop back down to retest the .55 Fib Ext level @ $46.350 and hold support there. After which I would look for us to break the ascending trend channel and make a run back toward the .618 fib ext around @64.5k