Double Top Pattern - Support Currently Holding
Hi All,
We have a double top pattern with current trend line holding. We can see trend line was tested previously and it held to eventually bring us the double top. Assumed target in this case being 0.30 has not been reached suggesting further possible downside.
RSI has crossed bearish to re test previous support. MACD has also moved into bear phase. Volume is also declining supporting the bears.
We do however have a bullish price channel with trend line holding as mentioned.
Would not consider long trade until clear cross past 0.345. In the interim buy orders would be set at 0.30 anticipating a triple bottom. Further TA would be required at this point prior to executing trade.
Possible long option; Enter at clear break of 0.345. EXIT upper band @ approx 0.41+ for 18%+ Gain.
Possible short option; None, risk to reward ratio not positive.
Let me know your thoughts,
Thanks all,
Trading Corner
**This is not financial advice, please act with due diligence when trading any market**
We have a double top pattern with current trend line holding. We can see trend line was tested previously and it held to eventually bring us the double top. Assumed target in this case being 0.30 has not been reached suggesting further possible downside.
RSI has crossed bearish to re test previous support. MACD has also moved into bear phase. Volume is also declining supporting the bears.
We do however have a bullish price channel with trend line holding as mentioned.
Would not consider long trade until clear cross past 0.345. In the interim buy orders would be set at 0.30 anticipating a triple bottom. Further TA would be required at this point prior to executing trade.
Possible long option; Enter at clear break of 0.345. EXIT upper band @ approx 0.41+ for 18%+ Gain.
Possible short option; None, risk to reward ratio not positive.
Let me know your thoughts,
Thanks all,
Trading Corner
**This is not financial advice, please act with due diligence when trading any market**
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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.