INJ/USDT downtrend is not over yet
I am following INJ since it has been around 8$. It was so interesting for me because of the active bearish sequence with targets from around 3.50-2.25.
It is currently in this heavy weekly downtrend and the last best reshort opportunity has been when the 4 hr wolfpack was in the green, hitting the golden pocket around 6.50ish.
I would still like to see lower prices very locally. The 4 hr did confirm a bullish divergence on the last push to the upside, but the 12 hr and 16 hr just confirmed down (into the red again of wolfpack) and that technically confirms a bearish convergence on these timeframes due to a given bearish divergence that became confirmed before.
I will personally follow the downtrend on this one and am mainly looking for reshort opportunites. A drop to for example 3.50ish wouldn´t be the end for INJ, it would be just very healthy and imo necessary.
If we compare it to the active bearish sequence from BTC (which could lead BTC to 23-21k) then the whole picture makes a lot of sense to me.
Trend is your friend until the end. I will keep you updated on this one and we will see if the 12 hr / 16 hr bearish convergence can play out with strength.
It is currently in this heavy weekly downtrend and the last best reshort opportunity has been when the 4 hr wolfpack was in the green, hitting the golden pocket around 6.50ish.
I would still like to see lower prices very locally. The 4 hr did confirm a bullish divergence on the last push to the upside, but the 12 hr and 16 hr just confirmed down (into the red again of wolfpack) and that technically confirms a bearish convergence on these timeframes due to a given bearish divergence that became confirmed before.
I will personally follow the downtrend on this one and am mainly looking for reshort opportunites. A drop to for example 3.50ish wouldn´t be the end for INJ, it would be just very healthy and imo necessary.
If we compare it to the active bearish sequence from BTC (which could lead BTC to 23-21k) then the whole picture makes a lot of sense to me.
Trend is your friend until the end. I will keep you updated on this one and we will see if the 12 hr / 16 hr bearish convergence can play out with strength.
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