Against the backdrop of a positive market, the asset just stayed in consolidation, not even attempting to rally, which indicates its relative weakness.
Therefore, I am expecting a short from the clear and confirmed level of 0.5414.
Recently, a false breakout occurred, but there is still no proper reaction to it. Usually, the market reacts with a bounce, which would indicate the level is being defended. Instead, I'm seeing only a weak pullback and continued consolidation right above the level, which suggests a higher probability of a breakdown.
Key factors for this scenario:
- Global & local trend alignment
- Price void / low liquidity zone beyond level
- Asset decoupled from the market (relative strength/weakness vs. BTC)
- Volatility contraction on approach
- Prolonged consolidation
Factors that contradict this scenario:
- Closing far from the level
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Trading facts, not expectations.
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Not financial advice. High risk. DYOR.
Follow our full analysis & track record on Telegram: t.me/the_traders_house
Not financial advice. High risk. DYOR.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Trading facts, not expectations.
Follow our full analysis & track record on Telegram: t.me/the_traders_house
Not financial advice. High risk. DYOR.
Follow our full analysis & track record on Telegram: t.me/the_traders_house
Not financial advice. High risk. DYOR.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.