Updated
CREAM, CREAMBUSD - looking for a sell signal
Hi guys,
CREAMBUSD could be a good pair for selling given the recent 70 percent rally that looks overextended to me already. A rejection in the supply zone will be a sell signal down to the $130 zone. I will be looking for a move below the 21-day EMA and the uptrend line on 4-hour.
A close above $180 will serve us as trade cancellation signal
Other than that there are clear signs of bearish divergence on both 1-day and 4-hour charts:
I know the fundamentals are relatively solid with the new flash loans announcement for the Cream Finance platform, but I would rather sell the news for now than look for accumulation around our target for profit taking.
Please, note that this is a high risk trade.
Cheers,
CREAMBUSD could be a good pair for selling given the recent 70 percent rally that looks overextended to me already. A rejection in the supply zone will be a sell signal down to the $130 zone. I will be looking for a move below the 21-day EMA and the uptrend line on 4-hour.
A close above $180 will serve us as trade cancellation signal
Other than that there are clear signs of bearish divergence on both 1-day and 4-hour charts:
I know the fundamentals are relatively solid with the new flash loans announcement for the Cream Finance platform, but I would rather sell the news for now than look for accumulation around our target for profit taking.
Please, note that this is a high risk trade.
Cheers,
Note
Still waiting for the 21-day EMA to be taken outNote
Almost hit our target !!!
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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.
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.