Previously, I examined a Head&Shoulders bottom pattern that was intended to carry prices up to the 9000 area. However, when the price entered the buy zone (~8380), doubts kicked in. It became obvious that bearish triangular patterns are forming in the leading altcoins, namely Ethereum and Ripple. So the trade was put on hold. Not much has happened since then.

Presently I would like to introduce you to the 'Bearish Play' scenario. It is based on a few simple factors:
1. Short-term trend is bearish.
2. The price put in a fresh lower high.
3. People are absolutely fixed on the Triangle wave pattern on the daily chart. It implies lower prices.
The tipping point for me is this H&S pattern. It becomes invalidated below 8173, and its failure would shift the balance of power in favor of the sellers. So this is my short trigger.
It should also be noted that the volatility has reached an extremely low reading. It is even lower than on April 12 when the price surged some 18% within a few hours. We should now be prepared for similar price action.

Presently I would like to introduce you to the 'Bearish Play' scenario. It is based on a few simple factors:
1. Short-term trend is bearish.
2. The price put in a fresh lower high.
3. People are absolutely fixed on the Triangle wave pattern on the daily chart. It implies lower prices.
The tipping point for me is this H&S pattern. It becomes invalidated below 8173, and its failure would shift the balance of power in favor of the sellers. So this is my short trigger.
It should also be noted that the volatility has reached an extremely low reading. It is even lower than on April 12 when the price surged some 18% within a few hours. We should now be prepared for similar price action.
Telegram: t.me/NixTrading
Сигналы: NixService.net
Агент-аналитик: t.me/NixAgent
Сигналы: NixService.net
Агент-аналитик: t.me/NixAgent
Related publications
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.
Telegram: t.me/NixTrading
Сигналы: NixService.net
Агент-аналитик: t.me/NixAgent
Сигналы: NixService.net
Агент-аналитик: t.me/NixAgent
Related publications
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.