ALICEUSDT simple supply and demand is clear, the 0.5 fib from major high to low looks like the final reversal point. Down targets are fib 2.03 target TP1 and (hopefully) fib 1.96 TP2.
I saw this setup over the weekend, tried a short, but thought it was breaking out and bailed. Now it seems like my initial gut was right. A retest of the short zone would be nice for re-entry. 1hr has a couple nice bearish candles confirming the breakdown. I always encourage caution shorting the initial run of a coin and definitely prefer clearer market structure breaks and retests. But this idea is good enough I'm posting.
Stop loss is clear above the 0.5 fib. Trying again for a short if this reclaims the 0.5 level at the 618 would make sense... will update idea if that happens.
I saw this setup over the weekend, tried a short, but thought it was breaking out and bailed. Now it seems like my initial gut was right. A retest of the short zone would be nice for re-entry. 1hr has a couple nice bearish candles confirming the breakdown. I always encourage caution shorting the initial run of a coin and definitely prefer clearer market structure breaks and retests. But this idea is good enough I'm posting.
Stop loss is clear above the 0.5 fib. Trying again for a short if this reclaims the 0.5 level at the 618 would make sense... will update idea if that happens.
Note
618 was the right backup idea... unfortunately I never got my fill, just barely missed my target entry. Sad days. On to the next trade...
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❤️ Premium indicator subscription @ Whop includes: Mojo Levels, Manipulation Model, Super Oscillator, VIX Meter, and Volatility Radar
🔗 whop.com/c/upslidedown/t use discount code FRIENDOFUSD for 20% off FOREVER
🔗 whop.com/c/upslidedown/t use discount code FRIENDOFUSD for 20% off FOREVER
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.