Guys, I'm opening a large short position here on $BSP with 10x leverage, and that red arrow says it all.
SHORT: $54.30
TP: $45.00
SL: $59.00
BSP shot straight up from $36.55 to $58.45 in a single candle and then immediately started falling again. The price is now at $54.30, and that peak already seems to be losing steam.
When the price shoots up that quickly and forcefully without forming a base, it usually pulls back significantly. The MACD is extremely stretched at 1.01, clearly overbought. As long as it stays below $58.45, I expect a pullback toward $45.00.
If it reclaims $59.00, the trade idea is invalidated.$BTW $TRUTH
SHORT: $54.30
TP: $45.00
SL: $59.00
BSP shot straight up from $36.55 to $58.45 in a single candle and then immediately started falling again. The price is now at $54.30, and that peak already seems to be losing steam.
When the price shoots up that quickly and forcefully without forming a base, it usually pulls back significantly. The MACD is extremely stretched at 1.01, clearly overbought. As long as it stays below $58.45, I expect a pullback toward $45.00.
If it reclaims $59.00, the trade idea is invalidated.$BTW $TRUTH