### Analysis:
1. Moving Averages (MA):
- MA60 ($1.5893) suggests the price is slightly below this key moving average, indicating a bearish trend.
- Short-term moving averages (MA5 and MA10) suggest downward momentum as they are declining.
2. Volume:
- A notable volume spike occurred, followed by reduced activity, signaling a potential exhaustion of buying or selling pressure.
3. Price Action:
- The price is approaching the 24-hour low of $1.5500, which acts as immediate support.
- Resistance is observed near the 24-hour high of $1.8740.
---
### Trading Plan:
#### 1. Long Position (If Bullish Reversal Occurs):
- Entry Point: Around $1.5500 (key support level) or after a breakout above $1.6000 with confirmation of higher lows.
- Take Profit (TP):
- First Target: $1.6500 (psychological level).
- Second Target: $1.7500 (mid-point resistance).
- Third Target: $1.8700 (24-hour high).
- Stop Loss (SL): $1.5200 (just below support to minimize loss).
- Trade Duration: Short to medium-term (1–3 days).
#### 2. Short Position (If Downtrend Continues):
- Entry Point: Below $1.5500 (breakdown of key support) or near $1.6000 (rejection at resistance).
- Take Profit (TP):
- First Target: $1.5000.
- Second Target: $1.4500 (psychological support).
- Stop Loss (SL): $1.6100 (above the resistance zone).
- Trade Duration: Short-term (intraday to 2 days).
---
### Contingency Plan if Signals Go Against You:
1. For Long Trades:
- If the price breaks below $1.5200 decisively, exit immediately to minimize losses. Consider flipping short if volume confirms selling pressure.
2. For Short Trades:
- If the price breaks above $1.6100 with volume, close your short position. Look for a potential reversal to go long.
---
Key Notes:
- Monitor price action near critical levels ($1.5500 and $1.6000).
- Watch for increased volume to confirm a breakout or breakdown.
- Use smaller position sizes due to market volatility.
