FIL/USDT Short Setup on Rising Channel Breakdown

Jan 8

This chart showcases a short position on FIL/USDT after a breakdown from a rising channel pattern. The price respected the upper and lower boundaries of the channel before breaking below the support, signaling a potential bearish continuation.

Key Levels
Entry Price: Around 5.39 (near the channel breakdown point)
Stop Loss: Set at 5.59 (above recent resistance)
Take Profit Target: Approximately 4.73 (aligned with prior support and pattern projection)

Technical Insights
Rising Channel Pattern: Generally bearish when a breakdown occurs, indicating a loss of bullish momentum.
Bearish Confirmation: A strong downside move with momentum below the lower trendline enhances the validity of this setup.
Risk-to-Reward Ratio: The setup offers a good R:R, making it an efficient short trade opportunity if market conditions align.

Traders can watch for further confirmation, such as volume spikes or retests of broken support levels acting as resistance, before adding to their positions.

Jan 9

Trade closed: target reached

Jan 9

Note

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