I'm looking at this short trade as we continue to trade below the EMA50. Some very interesting market structure here, and we can see a potential breakdown of this descending triangle. However, we need to be careful as we have a very strong support level (major 0.88 fibo) just below the breakout level.
***This is not investment advice and is simply an educational analysis of the market and/or pair. By reading this post you acknowledge that you will use the information here at YOUR OWN RISK
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Crossing out confirmation line! Daily candle close will confirm.
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Now at support. This selloff has been aggressive, and it will escalate once the support level is confirmed broken.
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Daily candle has now closed below support level:
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We're approaching the edge of the trading range at $35 so things may need to consolidate before further bloodletting to approx. $20.
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MAN this market moves fast... but we need to consolidate a bit in order to hit our target.
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HIT TP! Cheers,!
Trade closed: target reached
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Still sinking in this pair.
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Breakout!
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Fakeout! And we've even rallied above the invalidation level for a short trade. Is this is a bull trap?