$ENA Liquidated Short: $73.5K at $0.967 - What’s Next?
Hey traders, big action alert! The short position on $ENA was liquidated at $0.967, with a total of $73.5K involved. This could mean some important price movements are coming up for #ENA, so let’s break it down and plan the next steps.
Key Observations:
1. Liquidation at $0.967: This shows that there’s high volatility around this price point. It could act as a short-term support or resistance zone.
2. Market Sentiment: If we see more liquidation or big buy orders in this zone, it could indicate that #ENA might be on the verge of a bullish move.
Buy Zone:
Buy Zone: Look for potential entry around $0.950 - $0.960. This area could act as a support zone, where price might consolidate before making a move up.
Why This Zone?: This is close to the liquidation price, and if buying pressure comes in, the price might rebound from this area.
🎯 Target:
Target: First target could be around $1.05, and if the momentum stays strong, you might see further movement toward $1.15.
Why? If price stabilizes after liquidations, expect a possible retracement toward previous resistance points or psychological levels.
Stop Loss:
Stop Loss: To manage risk, set your stop loss just below $0.930.
Why? This level will protect you if the market turns against you, and if the price breaks below $0.930, the trend might shift bearish, invalidating the bullish scenario.
What’s Next?
1. Watch for signs of accumulation or buying pressure near the $0.950 - $0.960 range. If volume picks up here, it could signal that bulls are gaining strength.
2. On the other hand, if price breaks below the $0.930 level, consider reassessing the trade and possibly looking for a reversal setup.
Conclusion: #ENA is showing key price action, and there might be a chance to jump in for a potential bounce. Keep an eye on the price zones mentioned, and manage your risk properly. Trading is all about timing, so stay sharp and adjust according to the market's movements.