high probability bottom formation

23 Haz 2021

The broadening wedge, one of the most loved pattern of swing traders,potential profit is bigger than previous swing.Usually this type of pattern indicates disagreement between traders.I think the crackdown on mining in china is the main reason of it.Following technical rules,the buy was at 31.6k and the resitance is at 42k with a target of +10k usd(52k) (42k-32k).52k is also the .618 retracement from top which would make it the perfect scenario for elliot wave correction since we had 3 waves down.