2 Scenarios:
Scenario 1: Price may continue to rise up towards the resistance line of the rising wedge before dropping down. This price action will eventually create a Bearish Divergence on the RSI and will confirm a reversal. (Upside Price Movement Target: $8500 - $8680)
Scenario 2: Price may just break down the support line of the rising wedge. (Downside Price Movement Target: $7250-ish)
30 Min Chart
===============================
Watch out for STOPS-HUNTING BOTS!!!!
*** Trades should not be placed based upon what you see here! Do your own research and manage your own risk.
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get wrecked with your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome. Be courteous.
Consider leaving a like after viewing my post, and click on Follow to receive my latest and updated posts.
More Power To All Your Trades,
Ron (The Intrepid Trader)
Scenario 1: Price may continue to rise up towards the resistance line of the rising wedge before dropping down. This price action will eventually create a Bearish Divergence on the RSI and will confirm a reversal. (Upside Price Movement Target: $8500 - $8680)
Scenario 2: Price may just break down the support line of the rising wedge. (Downside Price Movement Target: $7250-ish)
30 Min Chart
===============================
Watch out for STOPS-HUNTING BOTS!!!!
*** Trades should not be placed based upon what you see here! Do your own research and manage your own risk.
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get wrecked with your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome. Be courteous.
Consider leaving a like after viewing my post, and click on Follow to receive my latest and updated posts.
More Power To All Your Trades,
Ron (The Intrepid Trader)
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The Major Bull Run May Just Be Around The Corner.
