As you can see, after the price dropped, it made a retracement close to the 0.78 Fibonacci level, and then the market reacted with another downward move.
At the same time, a triangle pattern—or whatever you’d call it—has also formed, which is often considered a continuation pattern, especially in a downtrend. So, there’s a chance the price could drop further.
Personally, I entered a short position at 0.121$, with my take-profit set at 0.8$.
At the same time, a triangle pattern—or whatever you’d call it—has also formed, which is often considered a continuation pattern, especially in a downtrend. So, there’s a chance the price could drop further.
Personally, I entered a short position at 0.121$, with my take-profit set at 0.8$.
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As mentioned earlier, the price broke down from the bottom of the triangle pattern and began its decline. In my view, any upward movement — as long as the price doesn't re-enter the triangle — should be considered a correction and a potential short entry opportunity.
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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.