FET – Possible Reversal Pattern

TLDR:
• FET is reentering a Falling Wedge pattern. FET is testing the support trendline ATM. If the test is successful, it is a possible long opportunity with a close invalidation and great R: R.
Background:
• Fetch AI is in a correction since February 2023.
• This correction is taking the shape of a Falling Wedge reversal pattern.
• FET was on the cusp of a breakout on June 1st but couldn’t make it (see my previous FET idea).
• On June 10th, FET lost the support trendline, but it reclaimed it shortly after and it is now testing it for support.
• Should the retest be successful it could be an amazing entry with a close invalidation and huge reward.
My Trade Ideas:
1. Long upon a successful retest of the trendline
• Entry: 0.2 USD
• SL: 0.185 USD
• Target: 0.43 USD
• TP: 0.24, 0.31, 0.43. Leave a moon bag.
• R: R: 1:15
2. Long upon a successful break out of the wedge
• Entry: 0.24 USD (break out of the wedge)
• SL: 0.23 USD (approximate number, below the last daily candle)
• Target: 0.43 USD
• TP: 0.31, 0.43. Leave a moon bag.
• R: R: 1:10
NFA.
What do you think? Please share in the comments.
Best wishes to all.

Kommentera:

Fetch is dancing in and out of the wedge's support line.
you can take the trade based on a support/resistance flip but, iMO it is best to wait for a breakout.

Kommentera:

Nice move. if we will get a retest of the lower support line - I will enter at support. Otherwise I will wait for the breakout

Handel aktiv:

FET broke through the upper resistance line. Today, we may see a retrace of bitcoin. IMO, set a wide SL. Best wishes