Link to $7.80

*Short term trade*

The above 8 hour chart prints a clear break down of the rising wedge support pattern. Price action should now return to where the wedge began, $7.80. We might see a test of past support confirmed as resistance around $12 but it not necessary, especially on those smaller time frames.

RSI is also showing a path of resistance together with the breakdown and lower highs in the Stochastic RSI.

Good until the end of the month.

Commento:

As above, price action is now testing resistance from previous support - a good moment to go short if resistance is confirmed.

Ordine annullato:

My goodness that was an impressive rally, resistance was not offered by previous support and instead price action moved through the next two resistance levels.

Will close this idea now.

Does this mean more uptrend should be expected? Short term (1-5 days) unlikely. On the 8-hour chart below we have 7 green candles in a row. March 20th was the last time that happened, followed by a 20%+ sell off. ~$10.80 target.

On the 3-day chart (bottom) we can see price action is testing price action resistance at this moment. If it breaks it, $18 is the next stop. If it is resistance, ~$10.80.

8-hour

3-day

Trade chiuso manualmente