Short

Symmetric triangle? More downside ahead

Updated

INJ has been trading in this symmetric triangle for weeks now and it seems it recently did a stop hunt above only to get pushed back inside the triangle which is not good. IF this triangle is going to play out we could see price downtrending for another -30% coming weeks. Not interested in longs until we reach ~20$.

Stay safe!

Note

Keeps pushing against 30$, might be wrong on this idea. If it breaks above 32$ my idea would be invalidated.

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So it touched 32$ which was my invalidation level but got rejected and dropped back below weeekly open as we speak, so in general looking weak. Think that last push was the final shakeout before going much lower coming weeks.

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Pretty aggressive sell-off right after weeky open. Think I have to lower my target to 13-14$, although I think we will see a bounce at 20$ but not interested in trading it.

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20$ has been tagged. Still waiting for BTC to bottom out, looking at 64k

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Think I am going to bid 18$ for a proper bounce play.

TV288

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