Knocked out by a stop on an ID trade, -14.5% from the entry point. With the new impulse of the general decline in the crypto market, the stop has been reached.
The#IDprice reached +11% in the first two days of the transaction, but was unable to break through the EMA of the 50 day TF and the important downward trend since April 9.
In this spot trade, the increased risk was managed with a smaller volume. As they wrote, if the price breaks through this entire pool of supports, then the idea of a reversal is at least under threat. And you need to try to log in again. Because in general, we still consider the asset ready for a reversal and a big upward movement.
For now, the nearest target for selection if the decline continues is the volume level of $0.5739. Nearby at $0.5773 there is now an EMA of the 50-week TF. The next target for selection is the volume level of $0.5418.
While we won’t rush to buy, there is a downward structure on the daily candlestick timeframe. We will wait for it to be completed or broken. If the structure is fully developed, the reversal may only take place on June 14-15.
Plus tomorrow is a meeting of the US Federal Reserve, we'll see what news comes from there.
