Mock Up Price Action for BINANCE:INJUSDT | Mid Term (1W) - Watching and waiting for opportunity to re-enter short - Price increasing rapidly, Volume decreasing - RSI Weekly Highest it has ever been - Fear/Greed Highest into Greed it has ever been - Parallel Channel we've been in for over a year, finally reached the top - INJ market cap highly inconsistent with TVL and transactions processed respective to comparable crypto projects - Hype machine and good news and social sentiment ramping up, all ahead of a "Major Mainnet Upgrade for coming weeks in DEC" to which in my experience, when that happens, hype is over, rumor being bought is done, sell the news time - Volume spiked in line with Coinglass open interest going high, yet top traders and long short ratios and positions starting to flip more short - Waiting for last bit of price manipulation by whales to break out of top of channel, stop/liquidity hunting, bull trap style, before I enter short
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NOTE: Something I like to do to give myself some valuable perspective when looking to invest/trade after I've mocked up HTF price action and movements with fibs, parallel channels, and fractals, is to then inverse the chart (Keyboard Shortcut ALT + I), and zoom out...
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Perfect Conditions for a Bull Trap
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Pretty hard rejection at the upper channel line. Am expecting some volatility here, and stop/liquidity hunting both ways.
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Wait, this coin that's pumped for the entire year and went 3000%+ up isn't going to keep running still?
Shocker.
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Yeah.. This is my number one pick for a short play.