Timeframe: 240M
Main Scenario: The rate increased again on the short term after the false breakdown below the lower median line (lml) of the ascending pitchfork. It could test and retest the median line (ML) of the descending pitchfork. A valid breakdown from the ascending pitchfork's body, it will announce a potential breakdown below the inside sliding line (SL) and below the 50% Fibonacci line. The perspective remains somehow bearish as long as the rate stays below the ML.
Alternative Scenario: The false breakdown below the lower median line (lml) it could send the rate much higher again, but only a valid breakout above the ML will really confirm a significant upside movement.
Entry/Stop Loss/ Take Profit: You could have a great chance to go short on this pair after a valid breakdown below the lower median line (lml) and if the rate will close below the 0.42523 level. The Stop Loss can be placed at 0.46162 level and the Take Profit at 0.34306 level.
Duration: 5-7 days
Consolidation/Ratification level: You should drag the Stop Loss below the opening price if the rate will make a valid breakdown below the downside 50% Fibonacci line.
Warning Level: You should be very careful because a failure to make a valid breakdown below the SL or to reach it will invalidate a potential significant drop.
Risk Management: Risk/Reward Ratio: 2.21
Main Scenario: The rate increased again on the short term after the false breakdown below the lower median line (lml) of the ascending pitchfork. It could test and retest the median line (ML) of the descending pitchfork. A valid breakdown from the ascending pitchfork's body, it will announce a potential breakdown below the inside sliding line (SL) and below the 50% Fibonacci line. The perspective remains somehow bearish as long as the rate stays below the ML.
Alternative Scenario: The false breakdown below the lower median line (lml) it could send the rate much higher again, but only a valid breakout above the ML will really confirm a significant upside movement.
Entry/Stop Loss/ Take Profit: You could have a great chance to go short on this pair after a valid breakdown below the lower median line (lml) and if the rate will close below the 0.42523 level. The Stop Loss can be placed at 0.46162 level and the Take Profit at 0.34306 level.
Duration: 5-7 days
Consolidation/Ratification level: You should drag the Stop Loss below the opening price if the rate will make a valid breakdown below the downside 50% Fibonacci line.
Warning Level: You should be very careful because a failure to make a valid breakdown below the SL or to reach it will invalidate a potential significant drop.
Risk Management: Risk/Reward Ratio: 2.21