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Thabks.
Never risk more than you can afford to lose.
Always DYOR.
BTC and ETH on weekly time frame have already made a quasimodo pattern as one may notice on the chart, ETH just copies BTC.
But what is a short quasimodo?
There should be a prior uptrend in the markets (just like what happened it cryptocurrency market last year uptrend) Price makes a new high, declines and makes a new local low
Price then rallies above the previous high to mark a new higher high. Price then falls to form a new lower low. Price then rises towards the initial high (but does not make a new higher high).
Where to find the proper short signal?
The fifth level in the set up is the trigger, where a short position is taken. Stops are set above the higher high and the take profit level is up to the trader.
This is a personal idea and I am not a financial adviser.
Thabks.
Never risk more than you can afford to lose.
Always DYOR.
BTC and ETH on weekly time frame have already made a quasimodo pattern as one may notice on the chart, ETH just copies BTC.
But what is a short quasimodo?
There should be a prior uptrend in the markets (just like what happened it cryptocurrency market last year uptrend) Price makes a new high, declines and makes a new local low
Price then rallies above the previous high to mark a new higher high. Price then falls to form a new lower low. Price then rises towards the initial high (but does not make a new higher high).
Where to find the proper short signal?
The fifth level in the set up is the trigger, where a short position is taken. Stops are set above the higher high and the take profit level is up to the trader.
This is a personal idea and I am not a financial adviser.
