Here’s the technical analysis based on the given screenshot of MOODENG/USDT on a 15-minute chart:
Chart Observations
Price Action:
Current price: $0.26911, up +8.40% for the day.
Price recently retraced from the high at $0.28089 and is now rebounding from support around $0.25647.
Moving Averages (MA):
MA(7) (Yellow): $0.26524 – Price is above MA(7), indicating short-term bullish momentum.
MA(25) (Pink): $0.26968 – Price is attempting to break back above this level, which may confirm further upside.
MA(99) (Purple): $0.25266 – Price is significantly above MA(99), suggesting a longer-term uptrend is intact.
Volume:
Recent green candles show increasing volume, supporting the bullish rebound.
High participation near the support level ($0.25647) suggests buyers are stepping in.
Candle Patterns:
The chart shows a bullish reversal after a pullback, with strong green candles indicating renewed buying pressure.
Key Levels
Resistance:
$0.28089 (recent high).
$0.28265 (stronger resistance level above).
Support:
$0.26911 (current level needs to hold).
$0.25647 (recent low and key support level).
Trading Recommendations
Long Entry:
Enter above $0.27000, ensuring price closes above MA(25) with confirmation of bullish momentum.
Volume breakout and a strong green candle are key for confirmation.
Short Entry:
Enter below $0.26500, confirming a break below MA(7) and a continuation of downward momentum.
Look for rejection near resistance or bearish patterns.
Stop-Loss (SL):
For long: Place SL below $0.26500 (below MA(7)).
For short: Place SL above $0.27100.
Take-Profit (TP):
For long:
TP1: $0.28000.
TP2: $0.28250.
For short:
TP1: $0.25650.
TP2: $0.25000.
Risk Management
Risk/Reward Ratio: Maintain a minimum 1:2 risk/reward ratio.
Position Sizing: Limit risk per trade to 1-2% of your account balance.
Monitor volume changes and react to new patterns or breakouts to avoid unnecessary losses.
Trade Duration
Since this is a 15-minute chart, expect trade durations between 1-6 hours.
Adjust based on market volatility and confirmation of key levels.
Conclusion
The trend favors bullish continuation as long as the price holds above MA(7) and closes above MA(25).
Watch for a breakout of $0.28089 for stronger momentum, or prepare for short positions if the price rejects and falls below support.
Trade cautiously and manage risk effectively!
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