Timeframe: 240M
Main Scenario: The rate has increased and it has retested the broken lower median line (LML) of the ascending pitchfork. It has failed to stay above the LML, so it is somehow expected to drop further. Right now it is pressuring the outside sliding line (SL) of the ascending pitchfork. A valid breakdown below it will signal a further drop in the upcoming days.
Alternative Scenario: A false breakdown below the SL will invalidate a further drop for now. A valid breakout above the 150% line of the descending pitchfork it will signal a significant increase.
Entry/Stop Loss/ Take Profit: Maybe you can go short on this crypto from 779.7 level, the Stop Loss can be placed above the former high, at 819.7 level and the Take Profit at the 698.5 level.
Duration: 2-3 days
Consolidation/Ratification level: The Stop Loss can be dragged above the SL if the rate will make a valid breakdown below the 150% line of the ascending pitchfork.
Warning Level: A valid breakout above the 150% Fibonacci line of the descending pitchfork it will signal a potential increase.
Risk Management: Risk/Reward Ratio: 2.03
Main Scenario: The rate has increased and it has retested the broken lower median line (LML) of the ascending pitchfork. It has failed to stay above the LML, so it is somehow expected to drop further. Right now it is pressuring the outside sliding line (SL) of the ascending pitchfork. A valid breakdown below it will signal a further drop in the upcoming days.
Alternative Scenario: A false breakdown below the SL will invalidate a further drop for now. A valid breakout above the 150% line of the descending pitchfork it will signal a significant increase.
Entry/Stop Loss/ Take Profit: Maybe you can go short on this crypto from 779.7 level, the Stop Loss can be placed above the former high, at 819.7 level and the Take Profit at the 698.5 level.
Duration: 2-3 days
Consolidation/Ratification level: The Stop Loss can be dragged above the SL if the rate will make a valid breakdown below the 150% line of the ascending pitchfork.
Warning Level: A valid breakout above the 150% Fibonacci line of the descending pitchfork it will signal a potential increase.
Risk Management: Risk/Reward Ratio: 2.03