Zooming out we had a long uptrend. It's time to cool down now. Ichimoku signals are weak so a risky trade for a better entry.
1. Price touched top of the uptrending channel. Seeing small candle bodies with both top and bottom shadows is an indication of the pump losing steam in regards to heikin ashi.
2. Already a rejection of the supply zone above the price.
3. Bullish news stating it's a buy.
4. Lowering volume on this whole upmove.
5. MFI in an overbought zone on the Daily.
Entering on confirmation (kumo breakout) on the H1.
Target 50% fib level / bottom of the trend channel.
1. Price touched top of the uptrending channel. Seeing small candle bodies with both top and bottom shadows is an indication of the pump losing steam in regards to heikin ashi.
2. Already a rejection of the supply zone above the price.
3. Bullish news stating it's a buy.
4. Lowering volume on this whole upmove.
5. MFI in an overbought zone on the Daily.
Entering on confirmation (kumo breakout) on the H1.
Target 50% fib level / bottom of the trend channel.