Theta Fuel (TFUEL) - Bearish divergence

The probability of further upside following a massive 86,000% return since last March and multiple overbought conditions has reached a limit. The risk / reward now favours sellers.

Why bearish? On the above 4-day chart:

1) Price action has broken the 21-week EMA (yellow line) with a full bodied candle. Price action has also failed to confirm the ascending triangle pattern with a breakout to the underside.

2) Bearish divergence between price action and the oscillators. See 2-week chart below.

3) RSI support has failed with RSI now <50 = very bearish.

4) Astonishingly 96% of tradingview ideas are long counting the first 50 recently published. 90% of traders out there will lose money. Don’t be the 90.

5) Bearish engulfing candle recently printed on 2-week - remember this is a 2-week chart, very powerful.

A short entry from 38 cents is amazing.

Trade is void with price action holding 45 cents > 1-week.

Target? 3 cents.

WW

Comment:

Expecting a rally to 34-45 cents area. Watch it closely, does it become support? Trade void.

Does it become resistance? Get a life jacket.

Comment:

Should expect a rally to the 30 cents area following the buy signal.

Trade closed: target reached:

Target reached -90% later.

No indication of a trend reversal at this time.

Trade closed: target reached:

Now I realise I’ve closed this idea already but I thought it was such an awesome prediction that it was worth closing twice.

Bluster aside, it is time to get your bull on..

5-day chart

Trade closed: target reached:

The close above was perfect. Closing it again as the Bitcoin pair of this token is printing.. well see for yourself...