Based on the two charts provided for NEIROETHUSDT on the 4-hour (4H) and 1-hour (1H) time frames, here’s a technical analysis with long and short trade ideas.
General Observations:
Price: Currently, the price hovers around $0.0765. There has been a significant drop from the recent high of $0.2065.
Moving Averages (MA):
The 50, 100, and 200 Moving Averages (MA) are showing a downward slope, indicating a bearish trend.
The 7-period EMA is very close to the price, signaling either consolidation or slight bullish momentum as the price begins to stabilize.
4H Chart Analysis:
Indicators:
Stochastic RSI: The K line is at 28.8576, while the D line is at 20.0889, showing oversold conditions. This may suggest an upcoming reversal in price.
RSI: The RSI is at 40.0667, indicating that the asset is nearing oversold territory, but not quite there yet.
Volume: Volume has recently decreased, and the On-Balance Volume (OBV) is showing some divergence, as it has dropped significantly (-10B).
Price Action:
A recent low formed at 0.068 has been supported, and there is a possible double-bottom formation.
There are Buy (B) signals around this level.
Long Idea (4H Chart):
Entry: Around $0.0680 (near the recent low), where the buy signal was triggered.
Stop Loss: Below $0.0610, which is near the most recent support.
Take Profit: First target at $0.1119 (resistance level), second target at $0.1480.
Reasoning: The oversold stochastic RSI and RSI values, coupled with a potential double-bottom pattern, suggest a possible reversal or retracement.
Short Idea (4H Chart):
Entry: If the price breaks below $0.0680 with strong volume.
Stop Loss: Above $0.0766 (current price level).
Take Profit: Target price $0.0610.
Reasoning: If the double-bottom pattern fails, a bearish continuation is likely as it follows the dominant downtrend.
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1H Chart Analysis:
Indicators:
Stochastic RSI: The K line is at 65.1303, and the D line is at 60.1949, which is nearing the overbought region. The momentum seems to be weakening.
RSI: RSI is at 55.5050, which suggests neutral territory but a bit of upward momentum.
Volume: OBV has been decreasing significantly (-4.92B), showing bearish divergence.
Price Action:
The 1-hour chart shows a recent minor bounce from $0.0680. The price has been consolidating in a tight range between $0.0610 and $0.0766.
Sell (S) signals are visible at $0.0680, showing some resistance at these levels.
Long Idea (1H Chart):
Entry: Buy near $0.0680 with a confirmation of upward momentum.
Stop Loss: Below $0.0621.
Take Profit: First target at $0.0765, second target at $0.1050.
Reasoning: While stochastic RSI is slightly in the overbought region, the overall trend shows consolidation, indicating a potential breakout.
Short Idea (1H Chart):
Entry: Short near $0.0766 if there's a rejection and sell signals appear.
Stop Loss: Above $0.0810 (recent high).
Take Profit: First target at $0.0680, second target at $0.0610.
Reasoning: The overbought stochastic RSI and volume divergence suggest a weakening momentum, indicating a possible downward retracement.
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Key Levels:
Support Levels: $0.0680, $0.0610
Resistance Levels: $0.0765, $0.1050, $0.1119
Conclusion:
On the 4H chart, a long trade can be considered at $0.0680 with targets at $0.1119 and above, while a short trade would be ideal below $0.0680.
On the 1H chart, a long position could be taken at $0.0680 with a stop below $0.0621, or a short position can be initiated at $0.0766 if a rejection is confirmed.
The 4-hour chart suggests a potential for reversal due to oversold conditions, while the 1-hour chart shows possible short-term consolidation with a slight upward bias.
