BTCUSD wedge breakout, continuation of the downtrend

٥ أغسطس ٢٠١٦

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.