The reason I took the trade I simple, there are 4 reasons
First of all, I was waiting to see the breakout of the price and now we can see a descending channel with a downside breakout and a pullback.
Second of all, The price broke the massive support of 1985 which means the price will struggle to break it again as resistance. The probability of the price going down is greater than the probability to go up and challenging the resistance.
Moreover, there is a divergence in the MACD Ind that shows an Inversion in the psychology of sellers. In most cases, they predict an inversion in the trend but the Macd is not even to break the trendline which means we can take profit as long as the price doesn't brake the macd trade line.
I've set my take profit by measuring the width of the channel and put my tp on the same width measurement starting at the pullback.
We might see a downfall even bigger I'll give some news, later on, wait and see.
First of all, I was waiting to see the breakout of the price and now we can see a descending channel with a downside breakout and a pullback.
Second of all, The price broke the massive support of 1985 which means the price will struggle to break it again as resistance. The probability of the price going down is greater than the probability to go up and challenging the resistance.
Moreover, there is a divergence in the MACD Ind that shows an Inversion in the psychology of sellers. In most cases, they predict an inversion in the trend but the Macd is not even to break the trendline which means we can take profit as long as the price doesn't brake the macd trade line.
I've set my take profit by measuring the width of the channel and put my tp on the same width measurement starting at the pullback.
We might see a downfall even bigger I'll give some news, later on, wait and see.