WILL $INJ REACH $6 AGAIN BEFORE BULL RUN OR CONTINUE TO RALLY?
IINJ has made an explosive run upwards since the buy setup executed by $5.40 in the previous analysis on INJ.
Begs the question, will IINJ reach $6 again? I think price will reach $6 again. Below are the confluences for my Bearish stance
- Price is currently in a Weekly Rejection Block
- Sell Side Liquidity has been taken on the Weekly and Daily timeframes that was at $9.58
- Retail Market Sentiment is bullish as we can see major news articles are writing about the bull market coming which is always great for an institutional trader as there is retail liquidity to raid.
- Price is also in a Daily Bearish Order Block that has not been violated as yet.
- There is a Fair Value Gap by $8.50 as well as another Fair Value Gap by $6.50 which the algorithm will most likely be targeting to close before another big rally.
- There is Buy side Liquidity (retail buy stoploss) by $7.75 which is very attractive.
We are currently in Q3 and I project that prices within the Crypto market will make their lows within this quarter in August-September before a Bullish rally begins again.
N.B: If you enjoy and learn from detailed analysis like this one, do well to follow, like and share this analysis to your fellow traders.
Happy Trading Pals
Begs the question, will IINJ reach $6 again? I think price will reach $6 again. Below are the confluences for my Bearish stance
- Price is currently in a Weekly Rejection Block
- Sell Side Liquidity has been taken on the Weekly and Daily timeframes that was at $9.58
- Retail Market Sentiment is bullish as we can see major news articles are writing about the bull market coming which is always great for an institutional trader as there is retail liquidity to raid.
- Price is also in a Daily Bearish Order Block that has not been violated as yet.
- There is a Fair Value Gap by $8.50 as well as another Fair Value Gap by $6.50 which the algorithm will most likely be targeting to close before another big rally.
- There is Buy side Liquidity (retail buy stoploss) by $7.75 which is very attractive.
We are currently in Q3 and I project that prices within the Crypto market will make their lows within this quarter in August-September before a Bullish rally begins again.
N.B: If you enjoy and learn from detailed analysis like this one, do well to follow, like and share this analysis to your fellow traders.
Happy Trading Pals
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