Alikze »» INJ | Descending channel
🔍 Technical analysis: Descending channel
- It is moving in a descending channel in the daily and 12H time frames.
- It has faced a complex zigzag correction structure after the end of the last bullish wave that extended around the 2.618 area and the price of $53.
- Currently, according to the downward momentum, it is approaching the OB region in the form of a three-wave pattern.
- So if the $18.75 range maintains the 1.618 Fibo, it can have an attempt to the $25 range.
In addition, in the continuation of it, if it faces selling pressure again, the last log can continue up to the range of the green box and Fibo 100.
💎Alternative scenario: But if it faces selling pressure in the range of $25 and breaks it, the downward trend will continue in the range of the green box and continue with its failure until the range of 11.36.
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INJUSDT
https://www.tradingview.com/x/ik0MiMfK/
- It is moving in a descending channel in the daily and 12H time frames.
- It has faced a complex zigzag correction structure after the end of the last bullish wave that extended around the 2.618 area and the price of $53.
- Currently, according to the downward momentum, it is approaching the OB region in the form of a three-wave pattern.
- So if the $18.75 range maintains the 1.618 Fibo, it can have an attempt to the $25 range.
In addition, in the continuation of it, if it faces selling pressure again, the last log can continue up to the range of the green box and Fibo 100.
💎Alternative scenario: But if it faces selling pressure in the range of $25 and breaks it, the downward trend will continue in the range of the green box and continue with its failure until the range of 11.36.
»»»«««»»»«««»»»«««
Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future.
Thanks for your continued support.
Best Regards,❤️
Alikze.
»»»«««»»»«««»»»«««
INJUSDT https://www.tradingview.com/x/ik0MiMfK/
Comment
According to the predicted behavioral scenario, after the correction up to the green box, it met with demand in the range and has had a growth of more than 60% up to the ceiling of the descending channel.
But after re-modification in the roof of the channel, it has been placed in the green box range. In the 12H time frame, if a bullish candle closes, it will form a morning star, which can grow up to the 1.618 Fibo range.
Comment
The current behavior and structure is in the form of three alternating waves. Therefore, it can touch the $11 range after breaking the green box area. The first profit limit of the green box area.
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