Double top formed yesterday, the shoulder was confirmed a few hours ago.
RSI and MACD confirmed the downwards trend. RSI sloping downwards, likely to reach the 30.2 levels and pierce into the oversold area. MACD crossed yesterday afternoon and has been sloping downwards since then.
Volume is low, so proceed carefully with a short position here. There are big buy orders at the 248ish EUR level, but are likely to get suppressed by the sells at the 253 and 254 EUR levels.
Entrance at current market price. Stop loss set at 257.82 EUR (as anything below that might trigger the stop loss because of a dead cat bounce). Take profit at 245 to 247 EUR as this price seems to be the average to which previous dips went after retesting the strong support and given the order book in Kraken.
Note: This is not an investment advice. Do you your own charting.
RSI and MACD confirmed the downwards trend. RSI sloping downwards, likely to reach the 30.2 levels and pierce into the oversold area. MACD crossed yesterday afternoon and has been sloping downwards since then.
Volume is low, so proceed carefully with a short position here. There are big buy orders at the 248ish EUR level, but are likely to get suppressed by the sells at the 253 and 254 EUR levels.
Entrance at current market price. Stop loss set at 257.82 EUR (as anything below that might trigger the stop loss because of a dead cat bounce). Take profit at 245 to 247 EUR as this price seems to be the average to which previous dips went after retesting the strong support and given the order book in Kraken.
Note: This is not an investment advice. Do you your own charting.
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