thank you everyone and welcome back to uh paper video update today and uh Pepe is kind of still on the sideways we haven't really lost any structure at the moment as of now and uh yeah so as I told you in yesterday's video that we probably might be looking at a move up to this technical Target you do have a Target here that has not been met just yet and it's nearly that 15 000 Mark so let's dive into the lower time frame so in the low time frames uh we pretty much have a sideways movement and there's a there's a pattern that is probably forming up as of now so I'm going to take this one resistance sorry One support line there and you do have another support line coming here now unfortunately what I just draw is not good and I'm gonna go uh into the details but first of all let's dive into the one hour time frame so this is known as ascending broadening wedge so do you know a rising wedge this is the opposite of a rising wedge and both of them still have a bearish effect on the prices so this is known as an ascending broadening wedge and that is known as a rising wedge so in the ascending broadening wedge basically this is a negative pattern and we still could be going up so here's the scenario this can stretch a little bit longer now for for example you're holding this support right now uh you have a stop loss down here 13 155 okay so if you do break below you're looking for that technical Target because in the ascending triangle in the ascending broadening wedge when you break below the wedge you go down to where the wedge was starting okay so that's pretty much the first basic rule the second thing is since you do have this technical Target it doesn't make sense to push up from here meet the technical Target and you also made a level of resistance and when you do that you are stretching the ascending triangle even higher and by by the time you go and do something like this you might touch this resistance here take some profits right over there and you might see it coming down like this break below and then go down like that okay so I'm just going to stretch this again and this is just because I'm saying it it doesn't mean because you do have chances where you can go up like this break the ascending itself so if you do break above look if you break above here like this you have good chances of continuing to go high because the the wedge itself is going to be broken out of okay so you're moving above the wedge the wedge is not in effect anymore it gets canceled but let's say you do go up to the resistance of the wedge and you touch the wedge that's it okay you're looking for a rejection there and you come here maybe bounce off that's that's a different thing but if you do something like this go up come down break below boom boom okay so that's it for this update on paper I'm going to see you with the next one hello office
