Descending triangle portraying lower highs and support is being tested multiple times @0.75173, meaning when support level is broken, a breakout may occur. Although there was a previous false breakout where support was broken and price retraced back up. If price does break again a SELL STOP trigger line is set @0.74374 for confirmation of downtrend.
My validation for this potential breakout is from the Ichimoku indicator which portrays bearish sentiment, from a neutral tenkan/kijun crossover within the kumo cloud. My reasoning to validate this crossover even though it is only neutral is due to the Chikou span currently being below price, which further validates my bearish analysis. As well as this, Price has recently broken out from the bearish kumo cloud which also shows a strong downtrend may occur in the future. (kumobreakout)
As well as my Ichimoku indicator, I used my Aliigator indicator which shows bearish sentiment from its 3 moving averages pointing downwards, separately after being intertwined (consolidation)
My advice would be to wait for the SELL STOP trigger line to be met then make a sell stop with TP & SL levels for risk management.
My validation for this potential breakout is from the Ichimoku indicator which portrays bearish sentiment, from a neutral tenkan/kijun crossover within the kumo cloud. My reasoning to validate this crossover even though it is only neutral is due to the Chikou span currently being below price, which further validates my bearish analysis. As well as this, Price has recently broken out from the bearish kumo cloud which also shows a strong downtrend may occur in the future. (kumobreakout)
As well as my Ichimoku indicator, I used my Aliigator indicator which shows bearish sentiment from its 3 moving averages pointing downwards, separately after being intertwined (consolidation)
My advice would be to wait for the SELL STOP trigger line to be met then make a sell stop with TP & SL levels for risk management.