1) Drop from all time highs on high volume
2) Went into a trading range and failed to make higher highs
3) Volume increase on another drop
4) Range expansion to the downside
No price targets. We're just to let it fall until we get into a trading range again. Idea invalidated above 19.6K.
2) Went into a trading range and failed to make higher highs
3) Volume increase on another drop
4) Range expansion to the downside
No price targets. We're just to let it fall until we get into a trading range again. Idea invalidated above 19.6K.
Note
Firm break of support validates the trade. We caught a $500 move so far, a 2.5% drop.We're looking to take profit around two places:
1) a trading range
2) a trend reversal
The first is a more conservative approach. The second is my preferred idea, waiting until reversal. The weekends are lower volume and this might just grind down for a few days. I'll update when we go into a range and then again when the trend reverses.
Trade closed manually
Price came back to entry. If you're getting funding on the position, you can probably keep it. If not, it's probably best to wait for the next trending phase. I'm flat and waiting for the next move.Result: breakeven trade.
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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.