I have been preparing two strategies today for the inevitable break up or down from the ascending triangle and rising support.
I am short on this hourly candle after seeing signs that momentum is breaking down. In the event of this being a fakeout I set a very tight stop loss at the previous hourly high and have a second strategy in place in order to go long as the ascending triangle can still be valid.
A clear close below support level - Orange Triangle
Wicked below secondary support - White line
20ma acting as resistance.- Support on 100ma which could bounce it back into the triangle
First maintained break below 50 on the RSI. Acting as resistance
(Not shown on chart)
Price broken through EMA ribbon
I am short on this hourly candle after seeing signs that momentum is breaking down. In the event of this being a fakeout I set a very tight stop loss at the previous hourly high and have a second strategy in place in order to go long as the ascending triangle can still be valid.
A clear close below support level - Orange Triangle
Wicked below secondary support - White line
20ma acting as resistance.- Support on 100ma which could bounce it back into the triangle
First maintained break below 50 on the RSI. Acting as resistance
(Not shown on chart)
Price broken through EMA ribbon
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My stop has been triggered on the short trade and I’ll be looking to see what happens next. This wasn’t your usual shake out before a pump as it was a gradual decline that signaled a lack of strength from the bulls. However beards failed to capitalise and I am not expecting another test of the top of the triangle. A long to 6000 would be lovely and then we can get a larger correction