Single trade opportunity short to support
Updated
A minimal chart: price is below its 4hr 200MA (also descending), MACD is descending below zero as well as its signal line.
Fib extension targets at $620, $580 and an overlap near $540 with horizontal S&R at the previous corrective low.
Based on similar bearish indications at the 1day and 3day timeframes, and confirmation in the 1hr chart: Short at Max position size with max leverage.
Fib extension targets at $620, $580 and an overlap near $540 with horizontal S&R at the previous corrective low.
Based on similar bearish indications at the 1day and 3day timeframes, and confirmation in the 1hr chart: Short at Max position size with max leverage.
Trade active
a 1hr MACD signal - crossover below zero has opened the 4hr TF tradeComment
Trade Update:Just to show the 1.618 retracement posted in the previous update comment as well as the current 1hr upside reverse divergence (15h00 UTC) that implies downward trend continuation.
Trade closed: target reached
The decline exceeded the $540 target by dropping to resistance-turned-support at $465.This is the level that capped advance during the earlier part of 2016 (blue arrow in the chart below).
There may be additional downside, but price has reached its 1-day 200MA, a long-term S&R level, so: Profit is profit. Monster short trade closed.
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