Hight risk on short term for CTSI / USDT pair Hello everyone, This new coin as always, enter with a traditional hight volume during its first hour and first day. It was pretty risky to buy in due to fondamentals (the token was sell for 0.015 USDT) but, due to the hight volumes, was pretty fun to scalp. AS we can see, we can begin to do a small analysis in short term : i personally start to put a fib retracement on the big candle where the token go from its selling price to the height of 0.09750, and we can start to see a small correlation with the fib levels and some reaction from buyers/ sellers who create resistance and support from those levels.
Fib levels appart, we can obviously see a bearish trading range with hight indecsision of the market, where the price drops every time it hit the top of the trading range resistance. That main resistance create actually in my opinion, the biggest challenge for the price to go highter. if the price drops after rejecting again on the bear trend resistance, its possible that we can expect again, a drop of 12%, that will likely push the price to the 0.04650 fib level retracement, and will luckly give us a bottom if the price show some entry signal (low RSI on 30mn chart, oversod AROON indicator, and a price breaking the resistance).
From indicator side, the RSI is still too hight for a almost safe entry in my opinion, Aroon show some indecision from buyers and sellers (no oversold, and no overbuy), volume are decreasing from 20 Million to 5 million from yesterday, but the CCI show good sign but its in my opinion a buy trap due to other indicator and the chart who show verry bearish sign.
In conclusion, in my opinion, because of the chart and indicators, im still verry bearish on this trade, until we hit the possible new short term bottom of the 0.04650 fib level. Any entry before we broke upward the channel or hit that botom level, are really dangerous, with a possible 12% drop risk, keep in mind the token was sale to 0.015 and its verry bottom still this price.
not a trading advice, im just sharing idea. I apologise for the bad english.
