NOTE: This is just analysis/advice, DO NOT FOLLOW this trade blindly - I take no responsibility for it...
As drawn there has been a bearish descending triangle that has formed on the 4H and 1D time frames.
This means that there could be a breakout towards the upside within the next few days or even next day if this trend is broken. Depending on which way a candlestick has consolidated, breaking this structure, there will either be a long or short position entry.
I feel that this could ideally be a long position as the base line drawn (horizontal in white) has acted as a support level for this pair a few times, suggesting a possible rebound from this level.
Scenario 1: Long - rally towards $0.30 and above, ideally hitting $0.32.
Scenario 2: Short - meltdown towards first previous low region highlighted - $0.27300 (around this region)
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
Please drop a follow! I need reputation points!!
As drawn there has been a bearish descending triangle that has formed on the 4H and 1D time frames.
This means that there could be a breakout towards the upside within the next few days or even next day if this trend is broken. Depending on which way a candlestick has consolidated, breaking this structure, there will either be a long or short position entry.
I feel that this could ideally be a long position as the base line drawn (horizontal in white) has acted as a support level for this pair a few times, suggesting a possible rebound from this level.
Scenario 1: Long - rally towards $0.30 and above, ideally hitting $0.32.
Scenario 2: Short - meltdown towards first previous low region highlighted - $0.27300 (around this region)
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
Please drop a follow! I need reputation points!!
Note
Target hit! Trade closed...
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.