While the ETF winds itself out to conclusion, I would expect to see some "coiling" of price between these upper and lower trend lines. Keep in mind this is a lower time frame trade based on what is arguably weak analysis. Conveniently though, the apex looks to be just about at the decision date.
A break above the descending wedge (prior to the March 11th/13th ETF deadline) would look to find resistance at $1300-1330. If it breaks up after confirmation of the ETF- there is no target besides "moon".
While i don't anticipate a break of the lower line prior to the deadline- if it does break down, initial target would be $1130 with potential for panic dumps to high $900s if ETF Fails.
A break above the descending wedge (prior to the March 11th/13th ETF deadline) would look to find resistance at $1300-1330. If it breaks up after confirmation of the ETF- there is no target besides "moon".
While i don't anticipate a break of the lower line prior to the deadline- if it does break down, initial target would be $1130 with potential for panic dumps to high $900s if ETF Fails.
Trade active:
Not sure why the targets and SL level didn't post, but here they are.
Trade active:
Price action gave a spike down to just shy of target 1 @ .382 and is now working to reverse. At the 1hr time frame the bullishness is quite strong, with traders buying hard into dips. The fact that we were not able to get even a touch of our target one leads me to suggest a tightening of stops as shown below.
Trade closed: stop reached:
If you had moved your original stop down as I had advised this trade would be completed. Price went up to tap the new stop position and then pulled back. We could yet see price roll over for those who left stops in-place. My trade here is over.