Hello everyone,
New opportunity for BINANCE:MTHBTC.
Every big push is always followed by a retracement.
This is exactly what we can see on the chart.
The price has been descending and now is approaching the 61.8 Fibonacci level (strongest).
This level acts as a level of support. In addition, it seems to line up with a Daily Support which increases the chances of a bounce.
The previous candlestick was a Bullish Hammer, which indicated buyers are strong.
I would enter the trade as shown, taking profit at the next resistance where previous structure was formed.
Make sure you set your stop losses below the support as if it breaks, we are heading for new lows.
All the best!
New opportunity for BINANCE:MTHBTC.
Every big push is always followed by a retracement.
This is exactly what we can see on the chart.
The price has been descending and now is approaching the 61.8 Fibonacci level (strongest).
This level acts as a level of support. In addition, it seems to line up with a Daily Support which increases the chances of a bounce.
The previous candlestick was a Bullish Hammer, which indicated buyers are strong.
I would enter the trade as shown, taking profit at the next resistance where previous structure was formed.
Make sure you set your stop losses below the support as if it breaks, we are heading for new lows.
All the best!
It is a long trade, not short :)