Price Action:
Current price is $8.175, showing a 32.82% increase, indicating strong bullish momentum.
The 60-day moving average (MA60) at $8.169 shows price is currently trading slightly above it, suggesting potential support.
MACD:
DIF (-0.000) and DEA (0.001) suggest a near-neutral or weak bearish divergence, indicating a potential slowdown in momentum.
Histogram is slightly negative, signaling consolidation.
Volume:
A significant increase in volume (green bars) indicates strong buying interest.
Trend:
Short-term bullish momentum but signs of consolidation at the current levels.
Long Entry Strategy
Entry Point: Consider entering between $8.00 - $8.20 if price consolidates and finds support above MA60.
Take Profit (TP):
TP1: $8.50 (near resistance levels).
TP2: $8.80 (if momentum continues upward).
Stop Loss (SL): Place SL at $7.85 to limit downside risk if the price breaks below support.
Short Entry Strategy
Entry Point: If price fails to sustain above $8.20, consider shorting at $8.10 or below.
Take Profit (TP):
TP1: $7.85 (near recent support).
TP2: $7.60 (if bearish pressure intensifies).
Stop Loss (SL): Place SL at $8.30 to prevent losses in case of a reversal.
Trade Duration
For long trades, hold for 1-3 days depending on momentum and volume.
For short trades, monitor intraday (4-8 hours), as consolidation may lead to breakouts.
Contingency Plans
If the market moves against your position:
Plan A (Moderate Reversal):
Long trade: Tighten SL to $8.05 to reduce risk.
Short trade: Tighten SL to $8.25 if the price shows strong recovery.
Plan B (Strong Reversal):
Exit immediately and wait for clearer trends near MA10 or MA60 levels.
Plan C (Breakout Scenario):
Long trade: Re-enter above $8.50 if volume supports an upward breakout.
Short trade: Re-enter below $7.80 if a bearish trend resumes.
Plan D (Consolidation):
Avoid trading and wait for a decisive break above $8.30 or below $8.00.
Summary
Long Bias: Use the $8.00-$8.20 zone for a safe entry with TPs at $8.50 and $8.80.
Short Bias: Enter at $8.10 or below with TPs at $7.85 and $7.60.
Always follow SLs to minimize losses and monitor MACD/volume for trend confirmation.