$CHILLGUY got hammered today, down 20.5% and sitting at $0.009243. That's not a dip. That's a flush.
The structure is ugly right now. Price is below every EMA that matters, 10, 20, 50, 200, all of it. Lower highs, lower lows, textbook bear flag. My indicator flagged 76 on the sell side, which lines up with what the chart's already screaming.
RSI is at 40.98, creeping toward oversold but not there yet. MACD histogram's negative, line still below signal. Stochastic is deep in oversold at 13.59, which usually means a bounce is coming eventually. Doesn't mean the trend's done though. Oversold can stay oversold longer than people expect, especially after a move like this.
I'm still leaning short here. Entry around 0.009240, target down at 0.008900, stop at 0.009340 above that EMA10 resistance. Risk reward comes out around 1:2.4, solid enough for me to take it.
The key level to watch is 0.009340. That's the line. Reclaim it and this bearish case falls apart fast, so I'm not touching that stop once it's set.
Given how violent the drop already was, size down more than usual. 1-2% max, and if you're catching a bounce entry instead of the short, give it extra room. Volatility like this eats tight stops alive.
Not financial advice, just my read. DYOR.
$CHILLGUY
#CHILLGUY #cryptotrading
The structure is ugly right now. Price is below every EMA that matters, 10, 20, 50, 200, all of it. Lower highs, lower lows, textbook bear flag. My indicator flagged 76 on the sell side, which lines up with what the chart's already screaming.
RSI is at 40.98, creeping toward oversold but not there yet. MACD histogram's negative, line still below signal. Stochastic is deep in oversold at 13.59, which usually means a bounce is coming eventually. Doesn't mean the trend's done though. Oversold can stay oversold longer than people expect, especially after a move like this.
I'm still leaning short here. Entry around 0.009240, target down at 0.008900, stop at 0.009340 above that EMA10 resistance. Risk reward comes out around 1:2.4, solid enough for me to take it.
The key level to watch is 0.009340. That's the line. Reclaim it and this bearish case falls apart fast, so I'm not touching that stop once it's set.
Given how violent the drop already was, size down more than usual. 1-2% max, and if you're catching a bounce entry instead of the short, give it extra room. Volatility like this eats tight stops alive.
Not financial advice, just my read. DYOR.
$CHILLGUY
#CHILLGUY #cryptotrading