Timeframe: 240M
Main Scenario: The rate has failed to make a valid breakout above the upside 50% Fibonacci line of the major descending pitchfork and to stabilize above the median line (ml) of the minor ascending pitchfork, os it could drop again on the short term.
Alternative Scenario: A valid breakout above the 50% Fibonacci line of the descending pitchfork it will invalidate a further drop.
Entry/Stop Loss/ Take Profit: Maybe we can go short on this crypto from below the 235.03090008 former low and from below the 50% line of the minor ascending pitchfork. The Stop Loss can be placed above the former higher somewhere at 258.94786709 level. You can place a Take Profit at 183.867 level.
Duration: 5-7 days.
Consolidation/Ratification level: You can drag the Stop Loss below the opening price if the rate will make a valid breakdown below the lower median line (lml) of the ascending pitchfork.
Warning Level: If the rate will increase from here, and if it will make a valid breakout above the median line (ml), then our setup will be invalidated and you should stay away for now.
Risk Management: Risk/Reward Ratio: 2.01
Main Scenario: The rate has failed to make a valid breakout above the upside 50% Fibonacci line of the major descending pitchfork and to stabilize above the median line (ml) of the minor ascending pitchfork, os it could drop again on the short term.
Alternative Scenario: A valid breakout above the 50% Fibonacci line of the descending pitchfork it will invalidate a further drop.
Entry/Stop Loss/ Take Profit: Maybe we can go short on this crypto from below the 235.03090008 former low and from below the 50% line of the minor ascending pitchfork. The Stop Loss can be placed above the former higher somewhere at 258.94786709 level. You can place a Take Profit at 183.867 level.
Duration: 5-7 days.
Consolidation/Ratification level: You can drag the Stop Loss below the opening price if the rate will make a valid breakdown below the lower median line (lml) of the ascending pitchfork.
Warning Level: If the rate will increase from here, and if it will make a valid breakout above the median line (ml), then our setup will be invalidated and you should stay away for now.
Risk Management: Risk/Reward Ratio: 2.01