I can definitely see this hitting at least $212 within this Wedge. Using the 150 MA and 50 Ma its definitely trending down. nice find looking forward to more updates CT.
CrypticTrading
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@TeaCrypto, @TeaCrypto, agreed I think we will see a test of the bottom support tomorrow morning premarket but I do think we could bounce after that. It’s pretty even at this point but I’m starting to track a possible inverted head and shoulders back up. Will post chart in a sec
@TeaCrypto, Still looking on target, check out my newest post here:
CrypticTrading
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Attempted reversal incoming. Look for resistance around $217
TeaCrypto
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Nice call CT. In your chart, how did Stoch RSI say this? Because Stoch is on a downward trend? Much appreciated.
CrypticTrading
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Thanks @TeaCrypto, We may not hit our bottom target. Pre market this morning we are back up in the blue wedge I have posted above. If this holds I will be going long to top resistance.
The blue line on the Stoch RSI was pointing downward toward a cross of orange line in the Stoch RSI. This indicates that we should start seeing the RSI come down, thus usually a price decrease.
This was not what signaled this trade, it just helped further back it up and instill it with confidence. What signaled this trade was the Descending Triangle as this is a bearish formation. Further more, the top resistance of the ascending triangle vigorously refuted breakout Tuesday AH into Wednesday. All these things combined gave confluence and allowed this trade to be spotted.
It is important to keep adapting as the market adapts though, as If I was dead set on the $206 target and went short, I could be burnt as it appears to be forming a wedge (posted above).