After the move to the upside the price is currently facing a major resistance and currently consolidation more forming a bearish chart pattern called THE DIAMOND TOP CHART PATTERN.
Price trend upward leading to the pattern.
Shape looks more like a diamond, but one usually tilted to the side.
Prices form higher peaks and lower valleys (a broadening pattern) in the first part of the pattern, then price action narrows with lower peaks and higher valleys. Trendlines connect the peaks and valleys for a diamond shape.
Prices will touch each trendline once or twice.
Breakout downward 57% of the time( that is why we advise all trader to always wait for a valid breakout before taking a trade)
SHORT:
Sell: 111.885
Buy: 111.760 down to 111.531
Stop loss: 111.978
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
Price trend upward leading to the pattern.
Shape looks more like a diamond, but one usually tilted to the side.
Prices form higher peaks and lower valleys (a broadening pattern) in the first part of the pattern, then price action narrows with lower peaks and higher valleys. Trendlines connect the peaks and valleys for a diamond shape.
Prices will touch each trendline once or twice.
Breakout downward 57% of the time( that is why we advise all trader to always wait for a valid breakout before taking a trade)
SHORT:
Sell: 111.885
Buy: 111.760 down to 111.531
Stop loss: 111.978
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.