Current Price action on CELR is showing an extended W pattern which is a reversal pattern to continue an uptrend.
Generally, I trade these by adding entries around a 40-50% pull back. CELR broke out of a short term down trend recently and is not experiencing a pull back due to the impulse.
Reasons not to enter yet:
1. Strong bearish momentum.
2. Bitcoin at the top of channel, possible pull back that will affect CELR's price action.
3. No confirmed reversal candle. No buyers identified at time of charting.
4. Patience, there may be other much safer and obvious opportunities in other tokens.
Let me hear your thoughts and comments.
Generally, I trade these by adding entries around a 40-50% pull back. CELR broke out of a short term down trend recently and is not experiencing a pull back due to the impulse.
Reasons not to enter yet:
1. Strong bearish momentum.
2. Bitcoin at the top of channel, possible pull back that will affect CELR's price action.
3. No confirmed reversal candle. No buyers identified at time of charting.
4. Patience, there may be other much safer and obvious opportunities in other tokens.
Let me hear your thoughts and comments.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.