Auroracoin heading towards wedge breakout
Like with many other coins, Auroracoin is also trapped within a falling wedge. Since the two lines - upper (resistance) and lower (support) is almost at a crossing point, a break out/down is to be expected soon. Given how tight the wedge has become, a lot of energy has consolidated recently and a sharp move to either side could happen quickly.
Since we are talking about a falling wedge, then a move to the upside is to expected. The entry point should be as soon as the price moves out of the wedge and we have a comfortable close. In general, when trading a falling wedge, place a stop loss just below the most recent swing low within the wedge. The profit should be taken at the horizontal resistance level (white line).
Entry: 0.000080 (break of the upper line)
Stop loss: 0.000068
Target: 0.000097 - 0.000100
The R:R in this trade is 1.5:1.
Since we are talking about a falling wedge, then a move to the upside is to expected. The entry point should be as soon as the price moves out of the wedge and we have a comfortable close. In general, when trading a falling wedge, place a stop loss just below the most recent swing low within the wedge. The profit should be taken at the horizontal resistance level (white line).
Entry: 0.000080 (break of the upper line)
Stop loss: 0.000068
Target: 0.000097 - 0.000100
The R:R in this trade is 1.5:1.
Penafian
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