XTZUSDT 12H short setup after completed retracement
TA explained
XRZUSDT is showing bearish signs on multiple timeframes. Of course BTC rules the market but the other might be showing the future of BTC by showing signs for the entire market.
On the 4H TF you can see a completed pullback after this downside impulse. Price came back to the 0.618 fib level before turning down again. Currently moving lower and lower.
On the 12H TF you can see the previous candle closed bearish and the indicators clearly support a move further down. The targets are spread at the previous low and aligning with different extended fib levels.
Stop loss is put quite wide to be able to survive a retest of the monthly open around 2.8 and its above fib 0.786.
Trade setup
Best entries: 2..715 - 2.657
TP1: 2.498
TP2: 2.445
TP3: 2.272
SL: 2.804
RR: 2.57
Max leverage: 5x
—————
Do Your Own Research (of course)
Trade at own risk (of course)
Only trade what you can afford to lose (of course)
XRZUSDT is showing bearish signs on multiple timeframes. Of course BTC rules the market but the other might be showing the future of BTC by showing signs for the entire market.
On the 4H TF you can see a completed pullback after this downside impulse. Price came back to the 0.618 fib level before turning down again. Currently moving lower and lower.
On the 12H TF you can see the previous candle closed bearish and the indicators clearly support a move further down. The targets are spread at the previous low and aligning with different extended fib levels.
Stop loss is put quite wide to be able to survive a retest of the monthly open around 2.8 and its above fib 0.786.
Trade setup
Best entries: 2..715 - 2.657
TP1: 2.498
TP2: 2.445
TP3: 2.272
SL: 2.804
RR: 2.57
Max leverage: 5x
—————
Do Your Own Research (of course)
Trade at own risk (of course)
Only trade what you can afford to lose (of course)
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