$INJ 1W chart
IINJ 1W chart;
Always looking at the charts on the higher timeframe protects you from possible minor pitfalls.
The first thing that stands out in the big picture is that the last bullish candle, although voluminous, had the 50 EMA (yellow line) working as resistance and after touching it, it experienced a pullback.
As long as it stays below here, it's not bullish.
On the other hand, the falling trend line (red) will act as resistance to suppress and stay below it. Even if it closes above this trendline today, if it fails to close above the 50 EMA next week, there is a high probability that it will retreat back below the trendline.
It would not be a surprise if it visits the IMB area below the $14 level it tested earlier. There's a 50% difference between it and the current level, is that enough to intimidate you? If Bitcoin makes a sharp pullback, these odds could make you some nice money.
Always looking at the charts on the higher timeframe protects you from possible minor pitfalls.
The first thing that stands out in the big picture is that the last bullish candle, although voluminous, had the 50 EMA (yellow line) working as resistance and after touching it, it experienced a pullback.
As long as it stays below here, it's not bullish.
On the other hand, the falling trend line (red) will act as resistance to suppress and stay below it. Even if it closes above this trendline today, if it fails to close above the 50 EMA next week, there is a high probability that it will retreat back below the trendline.
It would not be a surprise if it visits the IMB area below the $14 level it tested earlier. There's a 50% difference between it and the current level, is that enough to intimidate you? If Bitcoin makes a sharp pullback, these odds could make you some nice money.
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