Starting date: 9/August/2021
Starting capital: $500
Capital at present: $747
(all trading ideas in the series with commentary and outcome can be found on my profile)
Coin is in a bull trend, but in excess price.
Scenario 1 - trend resumption. Even if it is possible, because we are in a bull trend, the formation of spike and channel are apparently converting in a trading range.
Scenario 2 - Downtrend. After strong bull run, instant downtrend is probably not going to happen, as the trend wasn't too overextended.
Scenario 3 - Trading range. I think it is the most probable scenario, because bull trend is getting weaker and is converting into the trading range. Big bear bars forming. Because big bear bars formed it might take some before price decides it's direction. The best way to trade this is to scalp for quick profits.