📉 I just opened a short at $MYX — but don't get stuck on the "signal"… focus on the analysis.
In the 1H chart, the price shows a big hype driven in part by FOMO.
This is confirmed by a clear bearish divergence:
🔺 The price is going up
🔻 The RSI is not following — indicating a loss of strength
🔍 When we go down to 5M to look for an entry trigger, we observe that the price has been forming a bearish channel from 18.5 to the $13 area, where the retracement of the impulse occurs and seeks liquidity at the previous relative maximums of $16 which coincides with an overbought RSI giving our entry a higher probability.
📌 Trade strategy:
— Entry: $16.1 zone
— TP1: $13 TP2 will be with a trailing stop through the price action
— SL: $16.5 (maximum overbought zone of the RSI)
📚 Analysis is key. Don't trade on emotion, nor by copying. Learn to read the market.
Discipline not impulse. Plan not intuition.
