KEY 🗝️ OBSERVATIONS:
1. Current Price: $2.269, slightly below the MA60 ($2.276), which may suggest short-term bearish pressure.
2. MACD Indicator:
DIF (fast line) is below DEA (signal line), and the histogram shows small negative bars, indicating bearish momentum.
3. Volume: Decreasing volume suggests weakening conviction in price movements.
4. 24h Range:
High: $2.554
Low: $2.208
Price is closer to the lower range, hinting at potential support near $2.208.
Strategy:
1. Long Entry (if price reverses from support):
Entry: Around $2.210–$2.230 (near support level).
Stop Loss: $2.190 (below the recent low to manage risk).
Take Profit Targets:
Target 1: $2.300 (short-term resistance).
Target 2: $2.400 (next significant level based on the trend).
Confirmation: Look for MACD bullish crossover and increased volume for entry validation.
2. Short Entry (if price breaks support):
Entry: Below $2.200.
Stop Loss: $2.230 (above recent minor resistance).
Take Profit Targets:
Target 1: $2.150 (potential support).
Target 2: $2.100 (lower psychological level).
Confirmation: Ensure consistent bearish momentum on MACD and strong volume.
Risk Management:
Limit exposure to 1-2% of your trading capital per trade.
Use trailing stops to secure profits if the price moves in your favor.
CONTINGENCY PLANS (Plan A, B, C, D):
Plan A: If long trade succeeds, close 50% at Target 1 and move the stop loss to breakeven.
Plan B: If short trade succeeds, trail stop loss to lock profits at Target 1.
Plan C: If signals become mixed (e.g., sideways market), exit at breakeven or minimal loss.
Plan D: If high volatility emerges unexpectedly, consider closing positions and reassessing.
Would you like a deeper breakdown or guidance on identifying other signals?
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