#CHIP
📉 TECHNICAL ANALYSIS OF THE SHORT TRADE — CHIP/USDT
Why did I enter this short trade?
I identified a strong downtrend on the chart, characterized by lower highs and lower lows, showing that sellers were in control of the market.
The entry was based on a combined analysis of price structure, Fibonacci levels, and support and resistance zones. The break below important areas, especially around 0.05829 and 0.05551, reinforced the continuation of the selling movement.
Buying pressure weakened, the price broke below previous support levels, and continued making new lows. The descending trendline also confirmed selling pressure, favoring a trade in the direction of the main trend.
🎯 Strategy used:
Identifying the downtrend.
Observing support breaks.
Analyzing Fibonacci levels.
Confirming selling pressure through price structure.
Tracking the movement to the 0.05048 area, with the price reaching close to 0.04929.
📉 TECHNICAL ANALYSIS OF THE SHORT TRADE — CHIP/USDT
Why did I enter this short trade?
I identified a strong downtrend on the chart, characterized by lower highs and lower lows, showing that sellers were in control of the market.
The entry was based on a combined analysis of price structure, Fibonacci levels, and support and resistance zones. The break below important areas, especially around 0.05829 and 0.05551, reinforced the continuation of the selling movement.
Buying pressure weakened, the price broke below previous support levels, and continued making new lows. The descending trendline also confirmed selling pressure, favoring a trade in the direction of the main trend.
🎯 Strategy used:
Identifying the downtrend.
Observing support breaks.
Analyzing Fibonacci levels.
Confirming selling pressure through price structure.
Tracking the movement to the 0.05048 area, with the price reaching close to 0.04929.