The recent price action shows a strong bearish movement, with a sharp sell-off leading into this setup.
Pattern: After a drop, there's a bearish continuation setup, suggesting expectation of further downside.
Volume/Volatility: Typically, such candles (long-bodied red) reflect strong selling pressure, likely fueled by broader market sentiment or news.
🔧 Strategy Summary:
Sell/Short Entry: Near $99,950
Stop Loss: Above recent highs at $102,053
Take Profit Target: Around $95,000
The trade aims to profit from a continued bearish move, likely assuming a breakdown below local support.
Pattern: After a drop, there's a bearish continuation setup, suggesting expectation of further downside.
Volume/Volatility: Typically, such candles (long-bodied red) reflect strong selling pressure, likely fueled by broader market sentiment or news.
🔧 Strategy Summary:
Sell/Short Entry: Near $99,950
Stop Loss: Above recent highs at $102,053
Take Profit Target: Around $95,000
The trade aims to profit from a continued bearish move, likely assuming a breakdown below local support.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.