$SPELL Short Liquidation: $5.082K at $0.82393!

Details:

Type: Short Position Liquidation

Liquidated Amount: $5.082K

Price Level: $0.82393

What Happened?

SPX experienced a price increase, forcing short sellers to liquidate their positions at $0.82393.

The liquidation event added to buying pressure, fueling a bullish move.

What’s Next?

1. Key Levels to Monitor:

Resistance: $0.850 – A breakout could lead to further upside.

Support: $0.800 – Holding this level is crucial for bullish continuation.

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2. Market Sentiment:

Bullish: Short liquidations indicate buyers are gaining control.

Next Target: Sustained momentum might test $0.850 soon.

3. Action Plan for Traders:

For Buyers: Look for consolidation above $0.800 to enter with reduced risk.

For Sellers: Wait for resistance at $0.850 or clear signs of a reversal before shorting again.

Conclusion:

SPX’s upward move highlights growing buyer dominance, with short liquidations amplifying the rally.

Keep an eye on $0.850 for a breakout. Trade cautiously to leverage the volatility!

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