SPOT Newbie Analysis [5 Sep 2021]

5 сент. 2021 г.

I know a lot of traders are bullish on this, however I can't see the breakout of the downtrend yet.
Any advise?

Wait for price confirmation or enter with a tight stop loss.

- Current price 251.23 is still within the two downtrend Line.
- Current price hit resistance on 150/200 Daily EMA.
- Daily still show strong bullish candle.

[I]I was in a lost trade during the downtrend, and manage to turnaround and sold it at a good profit during the trend reversal. Re-entry and sold it off again on 3 Aug when there is a slight pullback.

Trying to learn to put in more effort in risk management after few lost trades.[/I]

Plan
Thinking to enter the trade at suport level between 243.32 - 246.18 with a tight stop loss.
If it goes well, it should go above 277.67, otherwise a bearish double top will form.

Stop Loss
-3

Price Target
- 277.67 (previous high)

This is not financial advice.
Please be kind, I am really new and welcome constructive feedback:)