Moving deeper into today’s session, I’ll be looking for price exhaustion beneath that 38% level. Here's the trade:
1) Wait for a 4-hour bar close beneath $46,721 2) Enter a short beneath $46,721 3) Initial stop above the most recent Swing High on 4-Hour chart 4) Apply a 1:1, 1:2, or 1:3 risk vs reward ratio
This is a countertrend play, so confirmation of price exhaustion is a must.