Synthetix SNXUSDT - Descending triangle is breaking down!- Looking very bad for SNX coin right now
- The descending triangle is already broken, so we can expect much lower prices in the immediate short term
- You can profit by using futures market (short position)
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SNXUSDT
Synthetix SNXUSDT - descending triangleYou can short SNX on crypto futures market, if you want to profit from upcoming crash. There is an descending triangle, which is a bearish pattern. Also, the major trend line is broken and bulls could not defend the trend line.
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SNXUSDT:Good opportunity for LongAt 12H, the cloud is directing upward, indicating an uptrend. The RSI moved down and the price found support on the Ichimoku cloud .
At H3, the cloud is directing downward, indicating a price correction at the 12H timeframe.
Besides, RSI is at the oversold level, which indicates the weakness of sellers.
We recommend buying SNXUSDT when the RSI reaches the oversold level near the 61.8% Fibonacci level and take the profit near the level of $ 9.
SNXUSDT AnalysisThis is a new coin which has only been around since July 9th. The trend has been steadily going up and the candle is now just under the 6.883 resistance level. If the candle goes up and passes the 6.883 resistance level, we can wait for an open-close candle confirmation and then buy it. If, however, the candle goes down and breaks the uptrend line or the 4.279 support line below it, we can sell it after open-close candle confirmation