Short Trade Opportunity: $PNUT/USDT (30-Minute Chart)
Trade Setup:
Entry Range: $0.6920 - $0.6950
Stop Loss (SL): $0.7050
Profit Targets:
TP1: $0.6800
TP2: $0.6700
Technical Analysis:
The price action for $PNUT/USDT is currently moving within a well-established downward channel, highlighting a consistent bearish trend. The ideal entry point is at the upper boundary of this channel, where resistance is forming around $0.6950. This zone provides a strong setup for a short position, given the persistent downward pressure. Should the price break below $0.6900, we anticipate an acceleration toward lower support levels, potentially reaching the $0.6700 mark.
Trade Management:
To mitigate risk, we recommend placing a stop loss just above the resistance at $0.7050, protecting your position in the event of an unexpected upward reversal. In terms of profit-taking, it's advisable to secure some gains by closing part of the position at the first target of $0.6800. For those aiming for longer-term profit, consider trailing the remaining position towards the second target at $0.6700.
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