SNX/USD - Warning, retrace possible to $5-6!
SNX has done a 5x since November and now we are at the top of the ascending channel. This is a danger zone!
There is also a bearish divergence on all three indicators: MACD / RSI / Stoch RSI = higher price and lower top on indicators = we're losing momentum. This is not good.
A good indicator to sell is when the yellow parabola will break. When that happens, there is little reason to hold onto the coin or buy, we need to find support again which is quite some way down at $6-7.
Therefore the bias is bearish, we may have one or two impulses up still, but it is hard to justify buying here. Be careful. Do not FOMO. SNX shows clear signs it will correct.
Breaking the long term ascending channel up would be extremely bullish, but also dangerous to trade due to sharp volatility.
Watch closely.
Like and follow if you liked this idea!
There is also a bearish divergence on all three indicators: MACD / RSI / Stoch RSI = higher price and lower top on indicators = we're losing momentum. This is not good.
A good indicator to sell is when the yellow parabola will break. When that happens, there is little reason to hold onto the coin or buy, we need to find support again which is quite some way down at $6-7.
Therefore the bias is bearish, we may have one or two impulses up still, but it is hard to justify buying here. Be careful. Do not FOMO. SNX shows clear signs it will correct.
Breaking the long term ascending channel up would be extremely bullish, but also dangerous to trade due to sharp volatility.
Watch closely.
Like and follow if you liked this idea!
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