My thoughts on a bearish scenario for INJUSDT.
After a SFP (swing fail pattern) sees price come back into range and retest the previous high as resistance, as well as BTC slowing down its rally and losing momentum, this is when alts bleed heavily against bitcoin. INJ has an almost textbook Head & Shoulders reversal pattern that's broke below the neckline. For me, if price doesn't bounce at the $3.57 mark then these are my 4 Take Profit areas i'm looking at:
TP1 - top of the first bullish OB that started a very strong rally, no doubt there will be some buyers there looking to defend large positions.
TP2 - The base of the OB offering a better R:R
TP3 - An important DBR (Drop Base Rally) that offers a great R:R to flip long, maximising the full way down the previous rally.
TP4 - For me if we are to reach this area something has to go horribly wrong with BTC, perhaps down to the 19-20k range again which is possible but I do think a 50% retrace down to this level is unlikely, however a great short move if completed.
After a SFP (swing fail pattern) sees price come back into range and retest the previous high as resistance, as well as BTC slowing down its rally and losing momentum, this is when alts bleed heavily against bitcoin. INJ has an almost textbook Head & Shoulders reversal pattern that's broke below the neckline. For me, if price doesn't bounce at the $3.57 mark then these are my 4 Take Profit areas i'm looking at:
TP1 - top of the first bullish OB that started a very strong rally, no doubt there will be some buyers there looking to defend large positions.
TP2 - The base of the OB offering a better R:R
TP3 - An important DBR (Drop Base Rally) that offers a great R:R to flip long, maximising the full way down the previous rally.
TP4 - For me if we are to reach this area something has to go horribly wrong with BTC, perhaps down to the 19-20k range again which is possible but I do think a 50% retrace down to this level is unlikely, however a great short move if completed.