SHORT: 329 - 354
TARGETS:
1) 285
2) Trail stop – let it run
STOP: When a 4h candle closes above 399
Rationale:
-The 100 and 200 EMA have acted as strong support for the duration of the uptrend.
-More recently, price has been respecting two diagonal trendlines
-Price broke out of the upper trendline and retested the EMAs. The EMAs were unable to hold so price retested the trendline, however it rejected off the EMAs and fell through the trendline.
-Price is now hovering between the two diagonal trendlines, under the EMAs.
-Given the recent weakness, price is most likely to drop down and retest the trendline which corresponds to the area of the previous lows.
Your risk, your reward. This is not financial advice.
Happy trading.
TARGETS:
1) 285
2) Trail stop – let it run
STOP: When a 4h candle closes above 399
Rationale:
-The 100 and 200 EMA have acted as strong support for the duration of the uptrend.
-More recently, price has been respecting two diagonal trendlines
-Price broke out of the upper trendline and retested the EMAs. The EMAs were unable to hold so price retested the trendline, however it rejected off the EMAs and fell through the trendline.
-Price is now hovering between the two diagonal trendlines, under the EMAs.
-Given the recent weakness, price is most likely to drop down and retest the trendline which corresponds to the area of the previous lows.
Your risk, your reward. This is not financial advice.
Happy trading.
Trade active:
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Join my Discord - see www.ForgeTrades.com for details.
Follow me on Twitter!
Get discounted fees here:
www.ftx.com/
partner.bybit.com/b/Forge
www.binance.com/en/register?ref=13128793