The initial reaction shown in the last chart (blue arrow in related idea) worked out nicely, but there was not follow-through and price broke down again, below the rising trendline.
We have now found support at the 0.115 region, but the macro scenario is still bearish.
An option would be to enter a long trade, expecting a retest of the 0.165 resistance and descending trendline. But, at current levels, the risk/reward ratio is not good enough for me. If we get a pullback down to ~ 0.13, I may look for a long trade.
For now, I´m sitting this one out.
We have now found support at the 0.115 region, but the macro scenario is still bearish.
An option would be to enter a long trade, expecting a retest of the 0.165 resistance and descending trendline. But, at current levels, the risk/reward ratio is not good enough for me. If we get a pullback down to ~ 0.13, I may look for a long trade.
For now, I´m sitting this one out.
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📈 Experienced Crypto trader
👍 Simple, actionable content
🌊 Elliott Wave junkie
🧠 Trading psychology hacks
🎖️ Premium VIP Discord Server ($4.99/mth for a limited time - check link below)
linktr.ee/stoic.trader
👍 Simple, actionable content
🌊 Elliott Wave junkie
🧠 Trading psychology hacks
🎖️ Premium VIP Discord Server ($4.99/mth for a limited time - check link below)
linktr.ee/stoic.trader
Related publications
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.