Arguments for the Short Idea:
Arguments against the Short Idea:
Other observations:
- Sell label
- Downward trend was confirmed by 2 RED candles which show that the candlesticks are in a downward sequence.
- Price has broken below the Pivot Range to the downside, and has retested it.
Arguments against the Short Idea:
- There has not been much follow through though and there are signs of a bounce on lower timeframes.
Other observations:
- The line of golden circles show demand. This demand has been tapped.
- Therefore, the next time price falls to this level it is more likely to fall straight through and not act as support as it did previously.
- Invalidation of idea at the low of the most recent Pivot Range at around $2170
Chart indicators and tools to trade trends & pivot breakouts in the crypto and forex markets! -- Discord Group: discord.gg/VaW9zG7n
