CRYPTOCURRENCY CURVE (CRVUSDT) BEARISH MOMENTUM (BREAKDOWN)
Curve ( CRVUSD) 1 Hour timeframe -> Descending Triangle Chart Pattern. This can be a breakdown level which indicates a lower highs with strong bearish momentum.
This crypto was trading above 200-EMA for a while now and ready to make a move downside (For a healthy market to move, it should break 200-EMA as well)
It has been taking horizontal support (2.756) thrice now and is coming back for the fourth! It has also faced resistance from trend line 5 times as you can see! And the two red circles shows the resistance faced from 50-EMA (green line). Clearly, it is consolidation within a range and ready to make a move. It can even give a false Bull Trap (Trapping Buyers into thinking the price is going upwards)
Therefore only take entry into trade when :
1. Strongly breaking horizontal resistance level (2.756)
2. A strong candle breaking 200-EMA downwards (blue line)
The targets are 2.602 and while trailing the target, you can also try for 2.4
This crypto was trading above 200-EMA for a while now and ready to make a move downside (For a healthy market to move, it should break 200-EMA as well)
It has been taking horizontal support (2.756) thrice now and is coming back for the fourth! It has also faced resistance from trend line 5 times as you can see! And the two red circles shows the resistance faced from 50-EMA (green line). Clearly, it is consolidation within a range and ready to make a move. It can even give a false Bull Trap (Trapping Buyers into thinking the price is going upwards)
Therefore only take entry into trade when :
1. Strongly breaking horizontal resistance level (2.756)
2. A strong candle breaking 200-EMA downwards (blue line)
The targets are 2.602 and while trailing the target, you can also try for 2.4
Trade closed: stop reached