Ahead of time I'm going to say, TRADING AT CURRENT RANGE IS RISKY. As shown, there are 3 scenarios, which is my first time showing so because it has no definite movement for today. Both sides are neither backing down as seen in sudden pumps and dumps. Here are some of the observation:
1. MACD at H1 and H4 are both favoring the bears.
2. RSI is in neutral.
3. Strong downward pressure as seen in a dump after hitting the upper part of the risky range.
2. Strong upward pressure as seen recent pump at the lower end of the range.
3. Price followed a mini upward channel before dumping, invalidating it.
I know in my last chart I have mentioned it going down, but was not expecting during the weekends. In all cases, be prepared. My tip in today's trade would be to watch out the price action closely. Other factors are in play that causes the pump and dump. Do not fear of missing out because that miss out might save your equity. Check to see where the price will lead us. Again, it can go down more, as this short term up might actually just be a correction, check fib levels.
Thick yellow lines - end of range
Thin yellow lines - minor resistances
Purple arrows - possible movement/scenarios today
Please do your own research before following my chart. Have a good risk reward ratio.
Be wary of false breaks! Trading is RISKY, always put stop losses.
TRADING IS REACTIVE, NOT PREDICTIVE.
1. MACD at H1 and H4 are both favoring the bears.
2. RSI is in neutral.
3. Strong downward pressure as seen in a dump after hitting the upper part of the risky range.
2. Strong upward pressure as seen recent pump at the lower end of the range.
3. Price followed a mini upward channel before dumping, invalidating it.
I know in my last chart I have mentioned it going down, but was not expecting during the weekends. In all cases, be prepared. My tip in today's trade would be to watch out the price action closely. Other factors are in play that causes the pump and dump. Do not fear of missing out because that miss out might save your equity. Check to see where the price will lead us. Again, it can go down more, as this short term up might actually just be a correction, check fib levels.
Thick yellow lines - end of range
Thin yellow lines - minor resistances
Purple arrows - possible movement/scenarios today
Please do your own research before following my chart. Have a good risk reward ratio.
Be wary of false breaks! Trading is RISKY, always put stop losses.
TRADING IS REACTIVE, NOT PREDICTIVE.