NOTE: This is just analysis/advice, DO NOT FOLLOW this trade blindly - I take no responsibility for it...
As drawn there has been a bearish descending triangle that has formed on the 4H and 1D time frames.
This means that there could be a breakout towards the upside within the next few days or even next day if this trend is broken. Depending on which way a candlestick has consolidated, breaking this structure, there will either be a long or short position entry.
I feel that this could ideally be a long position as the base line drawn (horizontal in white) has acted as a support level for this pair a few times, suggesting a possible rebound from this level.
Scenario 1: Long - rally towards $0.30 and above, ideally hitting $0.32.
Scenario 2: Short - meltdown towards first previous low region highlighted - $0.27300 (around this region)
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
Please drop a follow! I need reputation points!!
As drawn there has been a bearish descending triangle that has formed on the 4H and 1D time frames.
This means that there could be a breakout towards the upside within the next few days or even next day if this trend is broken. Depending on which way a candlestick has consolidated, breaking this structure, there will either be a long or short position entry.
I feel that this could ideally be a long position as the base line drawn (horizontal in white) has acted as a support level for this pair a few times, suggesting a possible rebound from this level.
Scenario 1: Long - rally towards $0.30 and above, ideally hitting $0.32.
Scenario 2: Short - meltdown towards first previous low region highlighted - $0.27300 (around this region)
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
Please drop a follow! I need reputation points!!
Comment:
Target hit! Trade closed...
