Hi all CT,
Here is an idea of a possible short trade coming, to validate it first we need some movements:
1. We've to break the Ascending channel that we are in for nearly two months.
2. Analyzing the Elliott impulse, we can be right now in the number 5 or number 3, depending on how you look at it. I've chosen the second option. The possible finish of this wave is where the trade starts. I see the sell zone between $10300- $10485.
3. Using the Descending channel, that comes from all time high, as the sell zone below of it and with the stop loss just above of it.
Support for the trade:
Strong resistance above 10500$
Bearish divergence in RSI and MACD, in the 1h and 4h time frame.
Low-risk ratio.
Rising wedge forming.
If it's useful for you, please hit that like and comment your opinion or question!
Here is an idea of a possible short trade coming, to validate it first we need some movements:
1. We've to break the Ascending channel that we are in for nearly two months.
2. Analyzing the Elliott impulse, we can be right now in the number 5 or number 3, depending on how you look at it. I've chosen the second option. The possible finish of this wave is where the trade starts. I see the sell zone between $10300- $10485.
3. Using the Descending channel, that comes from all time high, as the sell zone below of it and with the stop loss just above of it.
Support for the trade:
Strong resistance above 10500$
Bearish divergence in RSI and MACD, in the 1h and 4h time frame.
Low-risk ratio.
Rising wedge forming.
If it's useful for you, please hit that like and comment your opinion or question!