I come from synthetic indices and forex, I am studying Cryptos🧐 and I have noticed that they respond more to Support and resistance, liquidity taking, and some Fibonacci retracements, it is easier for someone who does forex to operate in cryptos than for someone who operates indices since the patterns are the basis of synthetic index and Cryptos do not respect them on many occasions🔻
Today I studied the market $1000PEPE AND 3 TPs were achieved in long, without putting the Shorts that could also have been done, although I prefer to secure an entry from support to resistance if the trend is bullish and from resistance to support if it is bearish💁🏻♂️
In this case, a breakout of resistance is expected that uses the current resistance as the new support🔺
It is a personal opinion from a personal study that I have decided to share with you; do not take this as financial advice🙅🏻♂️
In my opinion, IF THE BREAKOUT DOES NOT OCCUR! at the resistance, upon receiving this new touch to the resistance, it opens the possibility for a new drop to support or mid, and it would be:
Entry: 0.0045986🔻Sell
Stop loss: 0.0046300❌ Wait for the market reaction, a continuity or rejection candle before entering.
Take profit 1: 0.0044215 (If it reaches the mid and reacts upward, close at this point, I recommend using breakeven)
Take profit 2: 0.0043353 (This would be if it reaches support)
Today I studied the market $1000PEPE AND 3 TPs were achieved in long, without putting the Shorts that could also have been done, although I prefer to secure an entry from support to resistance if the trend is bullish and from resistance to support if it is bearish💁🏻♂️
In this case, a breakout of resistance is expected that uses the current resistance as the new support🔺
It is a personal opinion from a personal study that I have decided to share with you; do not take this as financial advice🙅🏻♂️
In my opinion, IF THE BREAKOUT DOES NOT OCCUR! at the resistance, upon receiving this new touch to the resistance, it opens the possibility for a new drop to support or mid, and it would be:
Entry: 0.0045986🔻Sell
Stop loss: 0.0046300❌ Wait for the market reaction, a continuity or rejection candle before entering.
Take profit 1: 0.0044215 (If it reaches the mid and reacts upward, close at this point, I recommend using breakeven)
Take profit 2: 0.0043353 (This would be if it reaches support)