AUDIOUSDT – An interesting bearish configuration for BINANCE: AUDIOUSDT by Cryptotheque
Audius recently began forming a Red Kumo cloud over the. When using the technical indicator, a red cloud represents feeling and a further downward movement. Once a red cloud has formed, placing a short position is often a reliable way to protect against losses and gain more if the market falls. However, there are a few other conditions.
As can be seen from the chart, the Chikou line (the white line on the chart) should be under the price candles. Also, the Kijun-sen (red line) and Tenkan-sen (green line) must be crossed so that the red line is above. When all of these signals are aligned, it is very likely that a short and nice setup can be initiated. I will be watching closely for a larger cloud to form and for the green line to move above or below the red line.
If the signals are met, I will go into a short position:
FIRST TARGET – 1,997 USDT
SECOND TARGET – 1,409 USDT
STOP LOSS – 2.568 (above the red cloud).
Targets are calculated by comparing the Fibonacci levels and the usual resistances and supports of the Chikou line (see horizontal yellow lines on the chart).
This setup takes into account the mixed sentiment on crypto in general. At the end of September, there will be a meeting between Charles Hoskinson (founder of Caradno) and many Washington DC lawmakers to discuss the effects the infrastructure bill will have on the crypto community. I have the impression that there is a BTC is the start of a larger bearish movement that will explain the correction of the huge gains made over the past year. If Hoskinson is convincing we may see more uptrend, otherwise (and if macro issues persist for the overall economy) more trade setups like this will occur.cloud looming over all of crypto and feeling like the continuation of the downward momentum of
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