Entering REEF/USDT Short at $0.03304 to $0.03387
Stop Loss: $0.03513
Target: 8% to 10%.
Note: This is not financial advice. I have done my own research and trading at my own risk. So, do your own research before investing.
In REEF, a cup and hand pattern is formed + inside the ascending channel
If you stay inside the bullish channel, buying between 0.020 to 0.022 with a Stop loss of 0.0185 and a target of 0.025 to 0.034 can be appropriate.
bad entry, as there was no good follow through bar
Sold expecting rejection from a resistance of trading range, but stop was too tight (skunk stop).
Furthermore it is probably better to buy with a prevailing trend which is bullish.
More profitable to buy on a support of TR than to sell a on a resistance of the same TR.
Strong short term bear trend, but after strong bull trend. Big up, big down, big confusion, so TRADING RANGE.
Although strong bear trend, price action took a support of a broad bull channel.
Initial thinking was that it will break and go down for at least a control price target which is dashed line.
Furthermore head and shoulder pattern formed so was expecting...
Reef broke out of the channel and currently retesting the resistance turned support.
25% to 30% is highly likely from here.
ENTRY : $$.0149 to $.01566
Stop nLoss: - $.014180
DYOR before taking this trade.
I am not a financial advisor.
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