XMR/BTC Short Scenario
Timeframe: 30M
Main Scenario: Maybe we'll have another selling opportunity if the rate will stay below the 50% Fibonacci line of the descending pitchfork and if it will make a valid breakdown below the lower median line (lml) of the ascending pitchfork. You should wait for a valid breakdown from the ascending pitchfork's body to be sure that the rate will drop significantly again.
Alternative Scenario: Price could continue to increase within the ascending pitchfork's body and could approach and reach the UML and the outside sliding line (SL) of the descending pitchfork.
Entry/Stop Loss/ Take Profit: Maybe you can go short from 0.015804 level and you can place a Stop Loss at 0.016119 level. The Take Profit could be placed at 0.014964.
Duration: 5-7 days
Consolidation/Ratification level: You should drag the Stop Loss below the opening price only after a valid breakdown below the median line (ML) of the descending pitchfork.
Warning Level: You should be very careful because a failure to reach the median line (ML) could signal an oversold and a potential upside movement.
Risk Management: Risk/Reward Ratio: 2.67
Main Scenario: Maybe we'll have another selling opportunity if the rate will stay below the 50% Fibonacci line of the descending pitchfork and if it will make a valid breakdown below the lower median line (lml) of the ascending pitchfork. You should wait for a valid breakdown from the ascending pitchfork's body to be sure that the rate will drop significantly again.
Alternative Scenario: Price could continue to increase within the ascending pitchfork's body and could approach and reach the UML and the outside sliding line (SL) of the descending pitchfork.
Entry/Stop Loss/ Take Profit: Maybe you can go short from 0.015804 level and you can place a Stop Loss at 0.016119 level. The Take Profit could be placed at 0.014964.
Duration: 5-7 days
Consolidation/Ratification level: You should drag the Stop Loss below the opening price only after a valid breakdown below the median line (ML) of the descending pitchfork.
Warning Level: You should be very careful because a failure to reach the median line (ML) could signal an oversold and a potential upside movement.
Risk Management: Risk/Reward Ratio: 2.67
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