Good risk reward setup
Updated
This is an unregulated and heavily manipulated market.
A few whales just pump up the price only to dump on retail traders.
There is a possible breakout coming on the ascending triangle.
Don't be fooled by their manipulations.
Don't give in to FOMO.
There are better trading opportunities.
2 strong setups here.
1. Wait for bulls to get exhausted at the 50 SMMA resistance and the ascending triangle to break down.
2. Wait for price to reach strong resistance at the 200 SMMA.
If we reach the second setup.
There are fundamental reasons why I can 100% guarantee the price will never pump above the stop price.
Doesn't matter how much fake money enters the system.
A few whales just pump up the price only to dump on retail traders.
There is a possible breakout coming on the ascending triangle.
Don't be fooled by their manipulations.
Don't give in to FOMO.
There are better trading opportunities.
2 strong setups here.
1. Wait for bulls to get exhausted at the 50 SMMA resistance and the ascending triangle to break down.
2. Wait for price to reach strong resistance at the 200 SMMA.
If we reach the second setup.
There are fundamental reasons why I can 100% guarantee the price will never pump above the stop price.
Doesn't matter how much fake money enters the system.
Note
No matter your bias, the long sideways action has been boring to trade.So much so that I couldn't resist this silly post at the time.
Since we have a breakout, things should at least get interesting again?
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