Long

Fake out or Break down

Updated

Broke down below the .618 fib easily. This could indicate more bearish momentum or a fake out to shake out the weak hands on a Sunday and market will turn once Monday comes about.

Only bullish scenario here is
- Gartley pattern
- Similar fractal play to the previous 6k pattern
- Volume is picking back up could indicate exchange from weak hands to strong hands

The bearish scenario is of course
a retest of the trendline showing confirmation of broken uptrend and trading downwards to 4.5k during the following weeks.

Entering a long now is a good risk reward with tight stops.

#btcbulls

Note

1hr TF
- Bullish Div on RSI & OBV

Trade closed: stop reached

stopped a retest of trend and a breakdown

mongacoin

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