Timeframe: 30M
Main Scenario: The rate has failed to stabilize above the lower median line (lml) of the ascending pitchfork and now it is somehow expected to drop further on the short term. It has retested the median line (ML) of the descending pitchfork and now is pressuring the 150% line. A breakdown seems imminent and we may have a great selling opportunity.
Alternative Scenario: A false breakdown below the ML and below the 150% line of the ascending pitchfork will send the rate much higher again.
Entry/Stop Loss/ Take Profit: You can go short from 688.9 level and you can place the Stop Loss at 717.5 level. The Take Profit could be placed at 631.5 level.
Duration: 3-5 days
Consolidation/Ratification level: You can drag the Stop Loss below the opening price is the rate will reach the 50% Fibonacci line of the major descending pitchfork.
Warning Level: The downside movement could be invalidated if the rate will fail to stay below the median line (ML).
Risk Management: Risk/Reward Ratio: 2.01
Main Scenario: The rate has failed to stabilize above the lower median line (lml) of the ascending pitchfork and now it is somehow expected to drop further on the short term. It has retested the median line (ML) of the descending pitchfork and now is pressuring the 150% line. A breakdown seems imminent and we may have a great selling opportunity.
Alternative Scenario: A false breakdown below the ML and below the 150% line of the ascending pitchfork will send the rate much higher again.
Entry/Stop Loss/ Take Profit: You can go short from 688.9 level and you can place the Stop Loss at 717.5 level. The Take Profit could be placed at 631.5 level.
Duration: 3-5 days
Consolidation/Ratification level: You can drag the Stop Loss below the opening price is the rate will reach the 50% Fibonacci line of the major descending pitchfork.
Warning Level: The downside movement could be invalidated if the rate will fail to stay below the median line (ML).
Risk Management: Risk/Reward Ratio: 2.01