While it may be extremely profitable to trade counter trend as volatility is still present, we must not lose perspective of price action in longer time frames.
Overall, the market is still bearish and the king BTC is still holding its $7200-7300 support, yet with minimal volume and is showing low momentum and chipchop price action.
Indicator wise, the RSI is rejected by the bearish zone at 55-65 and I expect it to soon be oversold again.
The price level has also been rejected by EMA55.
My analysis has allowed me to open a short position and my medium target areas will be the confluent region of fib ext, in addition to the (assumed) parallel impulses b/w channel, as well as trendline support.
A clear break above the channel with conviction with stop our trade and we will be looking to go long should the trend becomes clear.
You can also refer to my previous EOS analysis (a long TF one) in the related ideas below.
Overall, the market is still bearish and the king BTC is still holding its $7200-7300 support, yet with minimal volume and is showing low momentum and chipchop price action.
Indicator wise, the RSI is rejected by the bearish zone at 55-65 and I expect it to soon be oversold again.
The price level has also been rejected by EMA55.
My analysis has allowed me to open a short position and my medium target areas will be the confluent region of fib ext, in addition to the (assumed) parallel impulses b/w channel, as well as trendline support.
A clear break above the channel with conviction with stop our trade and we will be looking to go long should the trend becomes clear.
You can also refer to my previous EOS analysis (a long TF one) in the related ideas below.
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