Similar to my previous post on CARDANO, there are two possible scenarios(Descending Triangle):
Scenario 1 - It falls below 4.80 USD.
For this scenario, the 1H candles need to drop below 4.80 at the vertex. This could possibly make 4.80 the new resistance.
Scenario 2 - It bounces from 4.80 USD to possibly break past 7.60 USD.
For this scenario, the 1H candles need to break at the vertex and break above the downward trendline.
Always follow your trading plan regarding entry, risk management, and trade management.
Which scenario is more likely to happen in your opinion and why?
Scenario 1 - It falls below 4.80 USD.
For this scenario, the 1H candles need to drop below 4.80 at the vertex. This could possibly make 4.80 the new resistance.
Scenario 2 - It bounces from 4.80 USD to possibly break past 7.60 USD.
For this scenario, the 1H candles need to break at the vertex and break above the downward trendline.
Always follow your trading plan regarding entry, risk management, and trade management.
Which scenario is more likely to happen in your opinion and why?
