Salaam
After this huge downside rally, it need some rest even wants to continue lower.
Avax broke the 15m trend line and retest. It maybe go down to make a double bottom pattern.
In my opinion retest 70 as resistance is imminent.
This scalp trade is risky regarding the trend is downside, so if you want to trade, trade with half of the normal risk.
Good luck.
After this huge downside rally, it need some rest even wants to continue lower.
Avax broke the 15m trend line and retest. It maybe go down to make a double bottom pattern.
In my opinion retest 70 as resistance is imminent.
This scalp trade is risky regarding the trend is downside, so if you want to trade, trade with half of the normal risk.
Good luck.
Note
Let me describe what I do.I trade downside only for hedging my account. It mean after closing the trade, I buy and keep.
Especially in situations same as this one that there is high probability that market goes lower and hits stops!
I buy without SL with leverage a little more than 1.
Note
It will return up most probably.Because the whales want to hit the stops and in 60 and some lower, huge amounts of stops hited.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.