P_S_trade

Cryptocurrency OCEAN - we expect a local short. Trade #7

Short
P_S_trade Updated   
BINANCE:OCEANUSDT   OCEAN / TetherUS
Hello colleagues! It's time for our 7th potential trade!

Today we will share with you a forecast and a potential trade for OCEAN

The cryptocurrency market is now one step away from a strong momentum. Bitcoin's price is at the critical point of $25650-25750, below which there are a large number of stop orders from local buyers:


Therefore, during this update of the lows, a strong wave of decline may occur, as well as a false breakout of local lows and a strong growth momentum.

In our previous publications, we have shown cryptocurrencies for which we are ready to take long positions.

Today, we will talk about a short position, for which the entry point is, in our opinion, right now.

OCEAN 12H


On the chart, we can see that the price of OCEAN has begun a local correction of the upward wave from 17 August. Sellers have updated local lows, which has triggered a local rise in OCEAN. However, this growth does not yet look confident either by candlesticks or trading volumes.

If buyers are unable to update the daily high with candles from 04.09.23 today, entering a short position will be logical, reasonable, and low-risk.

If the local high is updated, buyers will have a better chance of continuing to grow to 0.3577. Therefore, we plan to set a stop order for ourselves quite short.

OCEAN short trade:

Enter = $0.3287
Stop = $0.3352( - 1.98%)
TP1 = $0.3031 (+5.84%)
TP2 = $0.2923
P/L ratio = 5.42

We allocate $10,000 for this trade. If successful, we will receive $1105. If we make a mistake, we will lose $204

What do you think of this trade? Write in the comments below our forecast!
Trade closed: stop reached:
We made a mistake, we lose $204

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