đ„đ„Trade Analysis 51: When it's a Good time to Enter REEF?
REEF has been a standout performer in the past week, even when every other coins are dropping. Today, we will delve deeper into its price structure to determine the best entry points for REEF.
8H Chart: A second higher high with lower RSI and volume on September 5th indicates a potential price retracement.
1D Chart: While REEF closed with a 43% rise on September 2nd, subsequent red candles suggest a bearish short-term trend. However, the long-term trend remains bullish.
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Entry Strategies:
1. Higher Low above $0.0008 Support Level: If REEF creates a higher low above this support level and enters a consolidation phase, it signals a bullish trend, and accumulation can be considered.
2. Breakout above $0.0013 Resistance Level: A high-volume breakout above this resistance level could indicate a strong bullish momentum, and a short-term profit target could be $0.0015 or $0.0023.
3. Drop below $0.0008 Support Level: A break below this support level could signal the end of the bullish trend, and it's advisable to avoid entering the market.
That's it for today REEF Trade Analysis. I hope this analysis help you make smarter trade decision.
Trade Smarter! Peace Out ;)
