$GLM 📌 GLM/USDT Short Trade Setup – Bearish Rejection at Resistance 🚨
📊 Current Market Overview (15M Chart - Binance)
🔹 Current Price: $0.3949
🔹 Key Resistance Zone: $0.39 – $0.40 (Highlighted Red Zone)
🔹 Support Levels: $0.36 – $0.34
📉 Chart & Pattern Analysis
🔸 Current Pattern: Double-Top Formation at Resistance ($0.40)
🔸 Candle Formation:
Price tested $0.40 multiple times but failed to break above, forming rejection wicks.
Potential bearish engulfing pattern forming → Sign of reversal.
🔸 Trend Signal:
Short-term: Bearish rejection from resistance
Mid-term: Bullish trend, but short-term pullback likely.
📉 Indicator Analysis & Trend Confirmation
✅ RSI (Relative Strength Index):
Current RSI: 66.28 (Overbought Zone) → Indicating possible reversal
RSI Divergence: Momentum slowing, while price still testing resistance → Bearish signal
✅ ADX & DI (Trend Strength Analysis):
ADX: 47.71 (Strong trend)
✅ Volume Analysis:
Recent high volume near resistance → Buyers are losing momentum.
If sell volume increases, a pullback toward $0.36 is likely.
💰 Trade Plan & Strategy (Short Position)
📌 Trade Type: Short (Sell Position)
📌 Entry Zone: $0.39 – $0.40 (Near Resistance)
📌 Take Profit (TP): $0.36 – $0.34 (Next Support Levels)
📌 Stop-Loss (SL): $0.41 (Above Resistance to Avoid Fake Breakout)
📌 Risk-Reward Ratio: 1:2+
⏳ Trade Duration: Short-term intraday trade (30 min – 4 hours)
📢 Final Market Outlook & Trade Confirmation
🚨 Bearish Signal Strength: Medium-High
🔍 Key Confirmation Required:
Price rejection at $0.40 with strong sell volume
Bearish engulfing candle close below $0.39
⚠️ Invalidation Level: If price breaks and holds above $0.41, the trade is invalid, and a further rally toward $0.45+ is possible.
📌 Disclaimer: Not financial advice. Do your own research (DYOR). Crypto trading involves high risk. 🚀
Would you like a follow-up analysis after price movement? 📊
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