The price has been rejected by the green moving average and we still have a bearish setup on the market.
The price also formed important candlesticks that show the reaction of the sellers with a possible change of the short-term direction.
Stop Loss: 111.30
Take Profit: 110.75
RR = 1:2
The currency pair formed a new low, breaking last one.
The setup is bearish, with the green moving average that is moving down very fast.
I expect a test of the level at 110.10, with a possible breakout.
The currency pair is in a downtrend according to the strong bearish setup of the moving averages.
In the video of this morning, we were already considering a short position on it, but now we have a clear candlestick pattern, a bearish engulfing.
Stop loss and take profit may be selected to have a RR that is at least 1:2.
There are several reasons to consider a short position on this currency pair:
1. Bearish setup with the moving averages;
2. Double top formation;
3. Green moving average working as a dynamic resistance;
4. Bearish engulfing pattern;
5. Price in a main downtrend.
The risk to reward ratio is 1:2, so definitely a trade to try.
The price has been ranging in the last 2 days and I'm waiting for a breakout to push the price towards $5700.
A short position at $6300, with a stop loss at $6600 and a take profit at $5700, would give a good risk to reward of 1:2.
The price is retracing after a strong down-movement.
There are 3 reasons to believe that the downtrend will resume:
1. The setup of the moving averages is bearish;
2. The price is on the orange moving average;
3. The price already retraced by 50% and tested the 0.5 level of Fibonacci.
A short trade here also offer an amazing opportunity in terms of risk to reward.
Ethereum seems to have only two phases: consolidation and acceleration.
It is important to notice that in all the consolidation periods, the green moving average has been a good resistance and a good level to open short positions. I except Ethereum to go below $300 in the next days and the best price for a short position is around $330.
After a strong down-movement, the price went back, touching again 1.16 level and trading higher than that.
The idea of a short trade here, is to join the downtrend at a convenient price.
A short position at 1.1600, with a stop loss at 1.1650 and a take profit at 1.1500, would give a reward to risk ratio of 2.
Good opportunity to short Cardano right below $0.13.
1. The setup of the moving averages is turning bearish;
2. The price broke the up-channel;
3. The price is in a consolidation phase after a strong down-movement.
Next Target: $0.11
The price is still following a long term downtrend and the setup of the moving averages is turning bearish in the upper part of the wedge, offering a good opportunity for a short trade, in terms of risk-to-reward ratio.
The price reached a support in area $7. I know that many traders are suggesting to buy now, but I still have a bearish outlook.
Reasons: setup of the moving averages and short-term downtrend (3 weeks so far).
Bitcoin is going down as expected.
For those who missed the short trade, there is an opportunity to enter again on a correction in area $7300.
I expect the price to bounce on the support at $6850, hit the area around $7300 and proceed with the downtrend towards $5500.