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Imxshort

IMX Head & Shoulders !Is the Active Head and Shoulders Pattern Forming? An intriguing yet risky topic. Intriguing because we have formed a head and shoulders pattern in a semi-bullish market. If Bitcoin, with its high dominance, corrects, our head and shoulders pattern could activate, with the first target being the ($1.21 - $1.06) range and then the final target being $0.80. This could be dangerous for those holding this currency. All of this could happen if we see a daily timeframe candle close below the $1.64 range and wait for a pullback or confirmation candle. Are we going back to crypto hibernation? What do you think? This is just an analysis and not financial advice at all. This may not happen and the complete opposite could take shape. I'm just sharing something intriguing with you.
Short
by Crypto-Oracle1
IMX → Immutable Going Into a Nose Dive!? We're Almost There.IMX is deep into its bull trend along with the rest of the crypto market. We have fewer signs of a reversal on this chart compared to others, but many of the same themes are playing out. How do we trade this? 🤔 We have three pushes to the upside in a bull channel, an RSI at 73.00, and an upcoming Resistance Zone that support the idea of a reversal. However, we're lacking any kind of confirmation. It's reasonable to look at this chart with a bullish bias and prepare for small position long scalps, but I wouldn't be swinging for the fences with a massive long to the upside, not without more price action and show of support to confirm. One potential trade is to let the price reject from the Resistance Zone and with some confirmation candles closing on or near their lows, take a standard 1:2 Risk/Reward short position. Until then, it's reasonable to stay on the sidelines until more price action plays out. 💡 Trade Idea 💡 Short Entry: $2.53 🟥 Stop Loss: $3.00 ✅ Take Profit #1: $1.58 ⚖️ Risk/Reward Ratio: 1:2 🔑 Key Takeaways 🔑 1. Bull Channel, Bias to Long. 2. Three pushes up in a bull trend. Could be near end of Trend. 3. Gap to 30EMA, look for Support. 4. RSI at 73.00 and above Moving Average. Need to fall below Moving Average for short. 5. Bitcoin is running hot to the upside, risk of trend change. ⚠️ Risk Warning! ⚠️ Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk! Like 👍 and comment if you found this analysis useful!
COINBASE:IMXUSDShort
by TraderEngineering
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