I wouldn't think to go long on SNP at this time. If already in, watch and see what happens. But I, personally, would not enter long at this price.
If perhaps price was to pullback to the grey zone, depending on how it falls, how fast, what happens in that area, etc. you may rethink and possibly look for longs.
But it's quite possible that if/when price begins the downtrend, it may push through this zone. Price will definitely react, but don't think just because price is in this zone, it's now a long. No, at that point think the downtrend is likely to continue, unless of course, the day to day price action says otherwise.
TLDR: don't go long here. If you wish to long, wait for pullback to grey area, then look to see if price is more likely to continue lower or if it has good odds of attacking the all time high.
If perhaps price was to pullback to the grey zone, depending on how it falls, how fast, what happens in that area, etc. you may rethink and possibly look for longs.
But it's quite possible that if/when price begins the downtrend, it may push through this zone. Price will definitely react, but don't think just because price is in this zone, it's now a long. No, at that point think the downtrend is likely to continue, unless of course, the day to day price action says otherwise.
TLDR: don't go long here. If you wish to long, wait for pullback to grey area, then look to see if price is more likely to continue lower or if it has good odds of attacking the all time high.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.