Follow updates of this idea as I may post comments.
Shorting cryptocurrency is an easy way to say, honey, it's gone.
Here we are building a Short position in the blue arrow (price range). I have noticed a potential pattern forming that may resemble April 2021 - May 20, 2021. We may see a break in resistance before coming down. Note that the MACD suggests that buy volume is weak, and we have a bearish cross on the D1 (1-day time frame) RSI is below bullish territory. BB%B suggests bands are tightening. The BB started pinching, and we can expect a big move to the up/downside. Due to weak volume at this time, we may not Hold support for much longer, and if this was to happen, a scenario where we fall near the lower band is likely. We will be mindful of the idea as we can continue ranging before a break to the upside.
Set an S/L above resistance. Lower stop and take profit. Careful of solid support and high relative volume, you may want to cut your position if so.
Leave a like and follow if you enjoy this content. Also, shoot a message if you want me to chart a crypto of your choice.
Best wishes,
HONEYITSGONE!
Shorting cryptocurrency is an easy way to say, honey, it's gone.
Here we are building a Short position in the blue arrow (price range). I have noticed a potential pattern forming that may resemble April 2021 - May 20, 2021. We may see a break in resistance before coming down. Note that the MACD suggests that buy volume is weak, and we have a bearish cross on the D1 (1-day time frame) RSI is below bullish territory. BB%B suggests bands are tightening. The BB started pinching, and we can expect a big move to the up/downside. Due to weak volume at this time, we may not Hold support for much longer, and if this was to happen, a scenario where we fall near the lower band is likely. We will be mindful of the idea as we can continue ranging before a break to the upside.
Set an S/L above resistance. Lower stop and take profit. Careful of solid support and high relative volume, you may want to cut your position if so.
Leave a like and follow if you enjoy this content. Also, shoot a message if you want me to chart a crypto of your choice.
Best wishes,
HONEYITSGONE!
Comment:
Try to DCA into this near the top of range, and don't buy at one price.
Comment:
Beware of relief pump may happen on the H1
Comment:
Consider taking profits and lowering your stop for-profits incase things go wrong.
Comment:
Adjust trendline of flag. We had a opportunity to DCA near the top of this range due to the fake-out. Consider taking profits and lowering S/L for profit.
