Hi fellow enthusiasts,
Looking at the chart it looks like a falling wedge formed within the big triangle, which is a bullish pattern and suggests we will test the upper side of the triangle after breakout.
As long as we are in the wedge I trade it with small positions, at this moment I am long from a bit below 8k with a target to sell once we near the upper side of the wedge.
On the downside the support area is right below. If this breaks we will probably test the lower side of the triangle, where I would expect a bounce.
Let's see what happens :-)
Greetz,
CJ
Looking at the chart it looks like a falling wedge formed within the big triangle, which is a bullish pattern and suggests we will test the upper side of the triangle after breakout.
As long as we are in the wedge I trade it with small positions, at this moment I am long from a bit below 8k with a target to sell once we near the upper side of the wedge.
On the downside the support area is right below. If this breaks we will probably test the lower side of the triangle, where I would expect a bounce.
Let's see what happens :-)
Greetz,
CJ
Comment:
The bottom of the falling wedge now acts as a resistance, resulting in a triangle being formed. I still expect we go up to test up to 7800 and will short there, but entered a small short with tight stop loss here in case it leaves the triangle to the south.
Once we started dropping the support area did slow us down a bit but not much at all. At this moment it seems we are not dropping further, at least not without first testing the former support and now resistance above us.
I have no position at the moment but plan to go short for a small position with orders between 7650 and 7800 since I expect we will fail to break resistance and continue going down after that.
Greetz,
CJ