Timeframe: 1h
Main Scenario: The price it has increased and now it has retested the inside sliding line (SL) of the major descending pitchfork. It should drop further if the rate will stay below this very important dynamic resistance (support has turned into a resistance). However, we still need a confirmation that the rate will drop again, so, you should stay away and wait for a fresh trading signal. Technically, it is expected to drop after the failure to get back above the ML.
Alternative Scenario: A valid breakout above the SL could invalidate a further drop and could announce a potential upside movement.
Entry/Stop Loss/ Take Profit: You can sell it if the rate will make a valid breakdown from the minor ascending pitchfork's body and below the outside sliding line, from 0.09865 level and you can place the Stop Loss above the SL, somewhere at 0.10189 level. The Take Profit could be placed at 0.09208 level.
Duration: 2-3 days
Consolidation/Ratification level: You can drag the Stop Loss progressively if the rate will plunge aggressively.
Warning Level: You should keep an eye at the sliding line (SL) because only a valid breakout could signal a potential upside movement. The rate should drop significantly if the rate will make another false breakout or if it will close much below it.
Risk Management: Risk/Reward Ratio: 2.03.
Main Scenario: The price it has increased and now it has retested the inside sliding line (SL) of the major descending pitchfork. It should drop further if the rate will stay below this very important dynamic resistance (support has turned into a resistance). However, we still need a confirmation that the rate will drop again, so, you should stay away and wait for a fresh trading signal. Technically, it is expected to drop after the failure to get back above the ML.
Alternative Scenario: A valid breakout above the SL could invalidate a further drop and could announce a potential upside movement.
Entry/Stop Loss/ Take Profit: You can sell it if the rate will make a valid breakdown from the minor ascending pitchfork's body and below the outside sliding line, from 0.09865 level and you can place the Stop Loss above the SL, somewhere at 0.10189 level. The Take Profit could be placed at 0.09208 level.
Duration: 2-3 days
Consolidation/Ratification level: You can drag the Stop Loss progressively if the rate will plunge aggressively.
Warning Level: You should keep an eye at the sliding line (SL) because only a valid breakout could signal a potential upside movement. The rate should drop significantly if the rate will make another false breakout or if it will close much below it.
Risk Management: Risk/Reward Ratio: 2.03.