11/NN/SS/TT/AA đ trade_withsania
$TAO update
đ„ Resistance Level: The price is currently at a key resistance zone around the 473.05 mark, as indicated by the horizontal purple line. This level has previously acted as a resistance, so it may be a point where sellers step in.
đ„ Price Action: The price has rallied significantly from 163.38 to the current level, which might indicate that it is overextended in the short term. This could increase the likelihood of a pullback or a reversal.
RSI (Relative Strength Index): The RSI(20) is at 72.59, which is in overbought territory. This often signals that a reversal could be on the horizon as the asset is overextended.
Stochastic Indicator: The K and D lines are also in the overbought zone (above 80). This could signal a potential bearish reversal soon, especially if these lines begin to cross downward.
Moving Averages: The price is significantly above the EMA(25) (yellow line) and EMA(9) (red line), suggesting the possibility of a mean reversion or correction in the near term.
đ„
Possible Short Strategy
You could consider taking a short position at the current resistance level if further confirmation appears (e.g., bearish candles or patterns).
Stop-Loss: Place a stop above the next resistance zone (around 542.70), as breaking that level would invalidate the short thesis.
Take-Profit: Target key support levels, such as 385.55 (EMA(9)) or 331.41 (EMA(25)), for potential take-profit zones.
Make sure to confirm with your trading plan and risk management rules.#DODOEmpowersMemeIssuance #CATIonBinance #BTCReboundsAfterFOMC #FOMC $BTC $SLF
