FCEL
Quite the ugly chart. Your typical “pump and dump” chart.
After moving side-ways for almost all of 2020, Price broke out Nov. ’20 and started its sharp uptrend pump
This pump took price from 3.50 and peaked at 29.40s in Feb. ‘21
Price then came crashing down to 11.54 where it found support.
Price went on to break down from this support and pulled back to it turning this previous support level into resistance. We also see a death cross during this period further signaling the bearish market
Price rejects this resistance level and was shot down to 6.00 where it found support and bounces back up. Price is now moving side-ways between 6.00-11.50
Price then fails to make higher high on the bounce. This leads to price breaking down from side-ways range it was in.
Price is now officially in downtrend.
Price has now pulled back in form of a bear flag to previous support level in 6.00 area and will look to turn it into resistance.
Price is currently at resistance level of bear flag, at previous support, and at 0.382 fib level. We are also in over-bought territory in stochastic. This is my que to enter trade
Entering trade short
Entry: 6.44
Stop Loss: 7.16
Target: 3.51 – +45%, 4.07 RR ratio
Quite the ugly chart. Your typical “pump and dump” chart.
After moving side-ways for almost all of 2020, Price broke out Nov. ’20 and started its sharp uptrend pump
This pump took price from 3.50 and peaked at 29.40s in Feb. ‘21
Price then came crashing down to 11.54 where it found support.
Price went on to break down from this support and pulled back to it turning this previous support level into resistance. We also see a death cross during this period further signaling the bearish market
Price rejects this resistance level and was shot down to 6.00 where it found support and bounces back up. Price is now moving side-ways between 6.00-11.50
Price then fails to make higher high on the bounce. This leads to price breaking down from side-ways range it was in.
Price is now officially in downtrend.
Price has now pulled back in form of a bear flag to previous support level in 6.00 area and will look to turn it into resistance.
Price is currently at resistance level of bear flag, at previous support, and at 0.382 fib level. We are also in over-bought territory in stochastic. This is my que to enter trade
Entering trade short
Entry: 6.44
Stop Loss: 7.16
Target: 3.51 – +45%, 4.07 RR ratio
Trade closed: target reached:
Exit: 3.51 – +45%, 4.07 RR ratio