ONE → About to Drop!? Let's Prove it and Maximize Your Profits!
OneCoin (Harmony) is failing to break the bear channel resistance and after a recent sell signal, is showing the symptoms of a drop to the previous low or even lower lows. If Bitcoin fails to break its Weekly Resistance, it could add some additional pain to the entire crypto market.
How do we trade this?
It's reasonable to short right now. We have the sell signal at the top of the bear channel and we're two legs down, maybe trying for a third lower low. Be prepared for support at the previous low of around $0.012. If a bull signal bar closing on or near its high with a follow-through bar appears, time to get out. Also, keep an eye on Bitcoin as a market indicator. If it decides to go bull, consider altering your bias to the upside.
Trade Idea
Short Entry: $0.0132
Stop Loss: $0.0145
Take Profit: $0.0113
Risk/Reward Ratio: 1:2
Key Takeaways
1. Bear Channel, Bias to Short.
2. Top of Bear Channel, Bias to Short.
3. Still Above 200EMA, Watch for Support.
4. Recent Sell Bar, Reversal Indicator.
5. RSI at 47.00, below Moving Average. Supports Short Bias.
You are solely responsible for your trades, trade at your own risk!
If you found this analysis helpful, click the Boost button and let us know what you think in the comment section below!
How do we trade this?
It's reasonable to short right now. We have the sell signal at the top of the bear channel and we're two legs down, maybe trying for a third lower low. Be prepared for support at the previous low of around $0.012. If a bull signal bar closing on or near its high with a follow-through bar appears, time to get out. Also, keep an eye on Bitcoin as a market indicator. If it decides to go bull, consider altering your bias to the upside.
Trade Idea
Short Entry: $0.0132
Stop Loss: $0.0145
Take Profit: $0.0113
Risk/Reward Ratio: 1:2
Key Takeaways
1. Bear Channel, Bias to Short.
2. Top of Bear Channel, Bias to Short.
3. Still Above 200EMA, Watch for Support.
4. Recent Sell Bar, Reversal Indicator.
5. RSI at 47.00, below Moving Average. Supports Short Bias.
You are solely responsible for your trades, trade at your own risk!
If you found this analysis helpful, click the Boost button and let us know what you think in the comment section below!
-Joe Dean
Trader Engineering Course
**Available Now at TraderEngineering.com**
Trader Engineering Course
**Available Now at TraderEngineering.com**
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