On the 4hours time frame, a reversal candle stick spotted at the top which initiated the current drop and to test the KIJUN( EMA ).
More to this is the BEARISH DIV ( PRICE making higher-highs and the Oscilator( RSI ) making a Lower-low).
The Kijun is essentially the mean of any given trend. Ichimoku Cloud prefers everything to remain in equilibrium. When price moves faster than the given timeframe’s Kijun can keep up with price, the Kijun moves farther and farther away.
The Kijun bounce occurs when price returns to equilibrium and then continues the current trend. This can also be thought of as a correction or a test of support. Kijun Bounces can occur multiple times on any timeframe, the higher the timeframe, typically the larger the correction.
When price close below the current support level , there is a high probability that price will test the KIJUN($2.69)
SELL: $2.847
BUY:$2.784 down to $2.69
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
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