CRYPTO - MEWUSDT SHORT IDEA
MEWUSDT came up on my ‘daily gainers’ list a few days ago. As with most relatively unknown coins, after their brief moment in the spotlight, I’ve noticed they enter a prolonged and vicious downtrend.
Mew has been making clear lower highs and lower lows since it’s run, and has now formed a range bound consolidation pattern.
If this range is broken and successful retested, that will trigger my short position. With a stop at mid range and a take profit at the .618 fib level where we could expect a possible bounce. 4/1 RR, let’s see if it acts as planned.
Invalidation if the range is broken to the upside or if the range is reclaimed after the breakdown. Anything can happen, let’s just prepare for the opportunity!
Mew has been making clear lower highs and lower lows since it’s run, and has now formed a range bound consolidation pattern.
If this range is broken and successful retested, that will trigger my short position. With a stop at mid range and a take profit at the .618 fib level where we could expect a possible bounce. 4/1 RR, let’s see if it acts as planned.
Invalidation if the range is broken to the upside or if the range is reclaimed after the breakdown. Anything can happen, let’s just prepare for the opportunity!
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