Timeframe: 30M
Main Scenario: The rate could drop further after the temporary rebound. You can see that it has failed to make a valid breakout above the inside sliding line (sl) and above the downside 50% Fibonacci line of the ascending pitchfork. Right now it is very important for the rate to make a valid breakdown below the outside sliding line (sl1) to be able to continue the downside movement.
Alternative Scenario: Another false breakdown below the lower median line (lml) or below the outside sliding line (sl1) it will send the rate much higher.
Entry/Stop Loss/ Take Profit: You will have a great selling opportunity after a valid breakdown below the outside sliding line (sl1), from 7425.4 level and you should place a Stop Loss above the former higher, at 7728.9 level. The Take Profit could be at the 6806.7 level.
Duration: 1-2 days
Consolidation/Ratification level: You should drag the Stop Loss below the opening price if the rate will drop and will stabilize below the 7200 psychological level.
Warning Level: You should be careful in the upcoming hours because the rate could make only a false breakdown below the outside sliding line (sl1). You should wait for a valid breakdown before you will go short.
Risk Management: Risk/Reward Ratio: 2.04
Main Scenario: The rate could drop further after the temporary rebound. You can see that it has failed to make a valid breakout above the inside sliding line (sl) and above the downside 50% Fibonacci line of the ascending pitchfork. Right now it is very important for the rate to make a valid breakdown below the outside sliding line (sl1) to be able to continue the downside movement.
Alternative Scenario: Another false breakdown below the lower median line (lml) or below the outside sliding line (sl1) it will send the rate much higher.
Entry/Stop Loss/ Take Profit: You will have a great selling opportunity after a valid breakdown below the outside sliding line (sl1), from 7425.4 level and you should place a Stop Loss above the former higher, at 7728.9 level. The Take Profit could be at the 6806.7 level.
Duration: 1-2 days
Consolidation/Ratification level: You should drag the Stop Loss below the opening price if the rate will drop and will stabilize below the 7200 psychological level.
Warning Level: You should be careful in the upcoming hours because the rate could make only a false breakdown below the outside sliding line (sl1). You should wait for a valid breakdown before you will go short.
Risk Management: Risk/Reward Ratio: 2.04