Timeframe: 240M
Main Scenario: The rate could drop aggressively again if it will make a valid breakdown below the lower median line (lml) of the ascending pitchfork. Right now you should wait for a valid breakdown before you go short on this crypto. Price could drop after the failure to reach the inside sliding line (SL1) of the ascending pitchfork.
Alternative Scenario: A false breakdown below the LML could invalidate a further drop and could send the rate higher again.
Entry/Stop Loss/ Take Profit: You can go short after a valid breakdown below the LML, from 208.33 level and you could place the Stop Loss at 233.44 level. The Take Profit could be placed at 158.22, much below the SL2 and below the 173.02 static support.
Duration: 3-5 days
Consolidation/Ratification level: You can drag the Stop Loss above the 226.99 former high if the rate will stabilize much below the LML and you can drag it below the opening price only if we'll have a valid breakdown below the SL2.
Warning Level: A failure to stabilize below the LML could signal that we may have another bullish momentum.
Risk Management: If the scenario will be validated, then we may have a 24.05% potential drop. Risk/Reward Ratio: 2.
Main Scenario: The rate could drop aggressively again if it will make a valid breakdown below the lower median line (lml) of the ascending pitchfork. Right now you should wait for a valid breakdown before you go short on this crypto. Price could drop after the failure to reach the inside sliding line (SL1) of the ascending pitchfork.
Alternative Scenario: A false breakdown below the LML could invalidate a further drop and could send the rate higher again.
Entry/Stop Loss/ Take Profit: You can go short after a valid breakdown below the LML, from 208.33 level and you could place the Stop Loss at 233.44 level. The Take Profit could be placed at 158.22, much below the SL2 and below the 173.02 static support.
Duration: 3-5 days
Consolidation/Ratification level: You can drag the Stop Loss above the 226.99 former high if the rate will stabilize much below the LML and you can drag it below the opening price only if we'll have a valid breakdown below the SL2.
Warning Level: A failure to stabilize below the LML could signal that we may have another bullish momentum.
Risk Management: If the scenario will be validated, then we may have a 24.05% potential drop. Risk/Reward Ratio: 2.