Today’s second analysis – TEHTAUSDT price action breaking trend therefore any rallies are now considered bearish retests. Points to consider, - Price Action Lower Low - Local S/R Resistance (Bearish Retest) - 200 MA Resistance - Oscillators Extended - Declining Volume
THETAUSDT’s immediate price action is bearish under Local S/R; this allows us to have a bearish bias on the market.
The Local S/R has been flipped resistance; any back tests will confirm an S/R Flip Retest. 200 MA has also been flipped bearish, further adding to the probability of market resistance.
Current oscillators are at oversold conditions, price action is likely to have an oversold bounce into Local S/R before trend continuation.
The volume is also below average, an influx s highly probable when testing key trade locations such as the Local S/R.
Overall, in my opinion, THETAUSDT is a valid short with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps
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“Genuine acceptance that there will be losses on your way to market success will greatly decrease the hurt when they eventually come.” ― yvan Byeajee