KEY 🗝️ OBSERVATIONS:
1. Price: Currently trading at $14.38, down 3.23% over 24 hours.
2. 24-Hour Range: The price has fluctuated between $14.17 (low) and $15.15 (high).
3. Moving Averages:
MA(5): $14.35 (short-term support/resistance zone).
MA(10): $14.23 (medium-term direction indicator).
MA(60): $14.35 (longer-term trend).
4. Volume: An increase in volume at recent candlesticks indicates heightened trader interest. The largest green candle shows strong buying pressure.
5. MACD: Currently near zero, indicating consolidation with no clear trend. The histogram is reducing in the bearish region, possibly signaling an upcoming bullish crossover.
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TRADING PLAN:
1. Entry Strategies:
Long Entry (Buy):
Enter above $14.45 (break above recent resistance with confirmation).
Look for MACD bullish crossover and increasing volume.
Short Entry (Sell):
Enter below $14.15 (if the price breaks below the 24-hour low and MA(10)).
Ensure confirmation with a bearish MACD crossover.
2. Exit Strategies:
Take Profit Levels:
For long trades: Target $14.90 (nearest resistance) and $15.10 (24-hour high).
For short trades: Target $13.80 (next strong support) and $13.50 (psychological support level).
Stop Loss:
Long trades: Place stop loss at $14.20 (below MA(10)).
Short trades: Place stop loss at $14.50 (above MA(5)).
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CONTINGENCY PLANS:
Plan A: If volume decreases after entering a trade, consider exiting at breakeven or minimal loss.
Plan B: Use trailing stop losses to lock in profits if the trend continues in your favor.
Plan C: If the price consolidates near the entry point, wait for a confirmed breakout or reversal.
Plan D: Reassess positions during major news events or volatility spikes to avoid being caught in sudden reversals.
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