Beware of chasing highs: The wick in BR is a warning ⚠️
$BR
Those who bought in at the top, looking for a breakout above $0.55, have just felt the impact of brutal institutional profit-taking in $BRUSDT. In just a couple of 15-minute candles, we went from $0.552 to losing the support of the 7- and 25-period moving averages ($0.492).
Current structure:
• Key zone to defend: The MA(99), around $0.465.
• If that zone breaks to the downside, we could retest the previous floor at $0.430.
Today's lesson: Trading when volume is already peaking and the price is extended is often a trap. Wait for volatility to contract and the chart to establish a clear base.
Did you manage to get out in time, or are you waiting for a bounce? #BR #BinanceFutures
$BR
Those who bought in at the top, looking for a breakout above $0.55, have just felt the impact of brutal institutional profit-taking in $BRUSDT. In just a couple of 15-minute candles, we went from $0.552 to losing the support of the 7- and 25-period moving averages ($0.492).
Current structure:
• Key zone to defend: The MA(99), around $0.465.
• If that zone breaks to the downside, we could retest the previous floor at $0.430.
Today's lesson: Trading when volume is already peaking and the price is extended is often a trap. Wait for volatility to contract and the chart to establish a clear base.
Did you manage to get out in time, or are you waiting for a bounce? #BR #BinanceFutures