Short set-up for LAYERLAYER price has been driven purely by the market makers. It will come crashing down when they start harvesting profits exactly like USUAL, COW, MOVE, TRUMP and other similar projects.
Timeframe: 4-hour
Analysis:
The chart shows the formation of a potential bearish ABCD pattern. The price has retraced to the 0.618 Fibonacci level (point B), suggesting a potential reversal. Additionally, the price is currently near the upper trendline of a potential ascending channel.
Signal:
Enter Short Position: Around current price (1.1860 USDT) or wait for a confirmed break below the ascending channel trendline.
Stop Loss: Place stop loss above the recent high (above 1.2230 USDT) to protect against potential upside breakout.
Take Profit: Aim for the D point of the ABCD pattern (around 0.95 USDT) or consider taking partial profits at the C point (around 0.45 USDT).
