MarcuDan
Short

BTCUSD wedge breakout, continuation of the downtrend

BITSTAMP:BTCUSD   Bitcoin / Dollar
After the sharp move down, we see a rising wedge forming on H1/H4 charts. This type of wedge is usually a corrective structure, before continuation of the move (in this case a move down). Short positions could be initiated if the price breaks the bottom trend line (a good idea might be waiting for a confirmation of the break, by testing the broken trend line ).

Stop loss - above last weeks high
Take profit - around the minimum of last week (as i think there is a big chance of price testing the 480 level again)

Looking for a risk/rewart up to 1:5.
Was a good call, just got unlucky. you should still be in it though.
Antworten
MarcuDan StevenMilward
Thanks for the comment. Still waiting for the support trend line to be broken in order to sell. Idea remains valid if the price doesn`t break and consolidate above the resistance level.
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