First and foremost, let me address that this is not financial advice... It is recommended that you do your own due diligence, fundemental and technical analysis before purchasing any asset. I simply enjoy looking at the charts...
This is just an idea, good and bad ideas stem from situations like this... If the idea remains true, it looks like a good idea. However if the idea is false, then this trade may seem like a bad idea... An attempt to block out any good or bad, and to be replaced with true or false have been helpful in my mindset... There is no good or bad in life, just what works or what doesn't work. Good or bad can be confused with true and false from my perspective...
If the market behaves in a way you did not foresee, adjust the lens to figure out what you have been missing for a further understanding of the market...
If the bottom red trend line breaks, will be looking for the 200 day moving average... (white line)
On the daily (pictured below), the 200 day is at .0004. Potentially the bottom, although our 50 day moving average and the bottom red trend line appear to be a decent level of support for the short term
Sometimes taking a step back and looking at the bigger picture provides some clarity... Also gives perspective of the long term trend the market provides... Or sometimes, just a tweak of the lens is all that is needed to provide some clarity. Rings true both in markets and in life from my perspective...
Happy trading! Thanks for reading
