source avatarTrader Steve

Share

ethereum:0x1f9840a85d5af5bf1d1762f925bdaddc4201f984 ran 129% in 22 days, printed 7.25, and is back at 7.03. I'm fading it. Entry 7.10-7.30 on a bounce, invalidated on a close above 7.50. The catch: this is a countertrend short against a chart that more than doubled off 3.16. That's why I want the bounce first. Price path: 3.16 low, 7.25 high 22 days later, 7.03 now. That high is the highest print in two months. Why the zone above spot and not this price: - Stop orders sit stacked just above 7.25, and price tends to run them before it turns. - That same shelf is the top of the entire two-month advance. - Momentum is stretched after the run, so buyers are paying up into it. Any one alone is a shrug. All three on the same 20-cent shelf is where I fade. Entry: 7.10-7.30. I'd rather get filled on a bounce into the crowd's stops than chase 7.03. Target: 6.51. Stop: 7.50, above the high rather than under it. The high defines the top, so only a close through it settles the argument. Where I'm wrong: a close above 7.50 says continuation, not exhaustion, and I take the loss. Risks: the fee burn is still running, and accelerating burns weaken the premise. And if 7.10 never prints, there is no trade. Published by YTIlab · OMNISIGHT REPORT Not investment advice. All decisions and responsibility are your own.

No.0 picture
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information. Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.