Ascending wedge LONG ETHBTC

BITSTAMP:ETHBTC   Ethereum / Bitcoin
398 7
BTCUSD just broke out of a descending channel to the upside with retracement to the channel ceiling . Bullish .
ETHUSD has been trading in a wedge and looks to breakout to the upside. However the pattern is most exact on ETHBTC.
I will enter long if price retraces to the bottom of the wedge with a stop beneath previous low.
Profit target: Upper extent of green area

Stop 0.052
Entry 0.054
Take profit 0.082
Risk :Reward 15:1
ETH is very strong compared to BTC. It has shot up to the top of the channel. With such a strong move , it can have the momentum to push through it. I will wait tot see if it forms support on top of this channel for another leg higher
Kommentar: so I may move my take profit up. We should know within 24 hours
Kommentar: Preparing to close out this trade.
Alarm for bar close placed at double ascending line. I will close the trade if it crosses this line

This one minute chart shows a descending channel into the double ascending lines.
It will probably first become a wedge which will break up or continue down as a channel. We will have our answer soon
Trade geschlossen: Ziel wurde erreicht
Trade closed 25 minutes ago at 0.072629
Profit 0.020629
If you bought 10 ethereum you made 0.2 BTC

You can see how price respects the lines even on 3 minute chart
You can see that I modified the ascending wedge into an ascending channel. It is holds and does not breach the channel we may see this reflected also in the open ETHUSD trade
Couldnt it not also be a rising wedge?
a1Keith Badabiing
BTCUSD broke out of a channel at that time. I commented on BTCUSD and ETHUSD since the vehicle traded ETHBTC is just a cross of them. Since ETHUSD was primed to go up and BTCUSD to go down I felt that I would see more movement in the crosspair. As you can see on my chart above I drew the same ascending wedge that you drew. I do lots of analysis using pitchforks and slopes and many times a wedge is just a convergence or divergence of different slopes.
Thanks for your comment
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