Forex_Academy
Short

SAN/USD Could Extend The Sell-Off

BITFINEX:SANUSD   Santiment / Dollar
Timeframe: 240M

Main Scenario: The rate could drop further after the failure to retest the first warning line (wl1) of the ascending pitchfork . Price has made a valid breakdown below a very strong support area , so, technically, it is expected to drop in the upcoming period. SAN/USD should move down if the Bitcoin will drop as well.

Alternative Scenario: A a failure to reach the 0.7200 former low and a valid breakout above the 0.8350 will invalidate a further drop and will signal a potential upside movement.

Entry/Stop Loss/ Take Profit: You can go short from below the former low, from 0.7612 level and you could place a Stop Loss at 0.8819. The Take Profit could be at 0.4877 level.

Duration: 3-5 days

Consolidation/Ratification level: You can drag the Stop Loss below the opening price if the rate will drop much below the 0.7200 psychological level.

Warning Level: It is very important for the price to drop and close below the 0.7200 level to be able to drop further. A false breakdown or a failure to reach this level could invalidate the bearish scenario.

Risk Management: Risk/Reward Ratio: 2.27

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