Namaskar, LuckySevenTrader Community:


The #SNX/USDT pair is currently forming a Bearish Pennant pattern on the 4-hour timeframe, indicating a high probability of a price decline. The price is gradually moving down from the upper trendline towards the lower trendline, suggesting that sellers are gaining momentum.

Bearish Pennant Breakdown

If SNX/USDT completes the bearish pennant pattern by breaking through the lower trendline with a confirmed breakout, it could trigger a significant price drop. This setup offers traders a potential short-term opportunity to short the pair for profit.

How to Trade This Setup

  • Wait for Confirmation: Enter a short position only after the price confirms the breakout below the lower trendline. Waiting for confirmation helps reduce the risk of false breakouts.

  • Entry Point: Be ready to enter as soon as the breakout is validated on the 4-hour timeframe, ensuring you capture the optimal entry point for a short position.

  • Risk Management: Place a stop loss above the lower trendline or the last swing high to manage your risk effectively. Set your take-profit target based on the measured move of the bearish pennant to maximize the potential reward.

This setup provides a promising opportunity for shorting SNX/USDT in the short term. As always, manage your risk and wait for a confirmed breakout before entering the trade to increase your chances of success.

#LuckySevenTrader #BinanceSquareFamily #chartpatterns
#Bearish_pennant

$SNX $SNX