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Short position taken due to the rising wedge with a risk/reward ratios of 3.75. target set at $1255
Price bounced of the 0.618 Fib retracement and continued the move upward, I entered once the trade at 0.065 level looking for 100% gain
Consolidation into triangle formation, high likely hood of breakout above
After a massive move up price began to consolidate. Penent formation indicates that the bulls are taking a break before resuming the trend upwards. if price reverses, stops are placed just below the penent
After the recent market correction, price has found support at the 0.5 Fib retracement level. if this level holds we could see a continuation of the uptrend, however the line of resistance could push price down.
Price has found support on the ascending support line along with the 0.5 Fib retracement level. If we take a longer FIB view we can see that this is also a 0.618 retracement level.
with 3 major lines of support, experience dictates that the correction is coming to an end and the bulls will begin to flex there muscles and push price back upward.
Entry at market ...
price has found support at the 0.5 Fib level along with 0.618 Fib level when looking at a longer period. entry placed at %17.25 with targets at the previous high and at the next Fib extension of $29
FIB 0.618 is historically a strong support level and the market correction seems to have come to an end