I’m currently looking at the 1-hour timeframe (1H TF). On my chart, I’ve marked a resistance zone (in gray) based on the daily timeframe (1D TF). I’ve also marked two higher highs and a trendline.
I noticed that the 1D resistance zone hasn’t been broken. At the same time, I observed the cumulative delta showing two lower highs, which correspond to the higher highs on the chart.
Here’s my question:
With all this information, would it make sense to consider a short position? If my idea or analysis isn’t correct or entirely correct, could you share your thoughts or analysis? What would your trading plan be in this situation?
By the way, I’m trading crypto, and all the relevant information is shown in the attached image.
In my opinion, whatever makes sense, if the next break lo,w it could be the start of a pattern change. I rarely trade crypto, but usually I like to see the Fear and Greed index to get insight sentiment market in greed or fear. At present index shows level 57, which means in neutral market.
Hi thank you very much for your answers!. I didn’t reply before because I was just waiting for the outcome of the chart.
To be honest, nowadays I’ve been noticing that everything seems more gambling than actually trading (in crypto).
Probably is because I am a newbie on this business, but the “theory” poorly matches with the reality.
Previously I made a post about strategy because I am getting frustrated.
Currently I am even getting doubts if my supports and resistance are right?.
It seems at this moment I am even loosing hope on this.
Having doubts about my own knowledge is not right.
I am not quitting, but I would gladly know someone that trades and explains his strategy not in order to copy it. But to have a wider idea. Getting hope again.
