Once the Phicube MIMAS 144 and 305 (pointed by the red arrow) started to be displayed on the chart, the probability of the downtrend continuation increased.
The Santo Indicator shows that the MIMA 34 (light blue) has enough power to hold that downtrend as well.
So, I believe that the price is going to make new lows, aiming to target the $5750 area which is a PVPC support and important level of breakeven for some miners.
That set up caught my attention because it has a close stop loss and far target, the risky x return ratio is 3+ and respect all my rules for entering a trade, so let's see how the price is going to play...
The Santo Indicator shows that the MIMA 34 (light blue) has enough power to hold that downtrend as well.
So, I believe that the price is going to make new lows, aiming to target the $5750 area which is a PVPC support and important level of breakeven for some miners.
That set up caught my attention because it has a close stop loss and far target, the risky x return ratio is 3+ and respect all my rules for entering a trade, so let's see how the price is going to play...
Trade closed: stop reached:
That trade was going in our favor and could be in profit for a while, however, some bulls raised the price and the stop-loss was reached on Dec 23.