$ENA/USDT Short Opportunity - Channel Resistance Test!
Timeframe: 1H
Current Price: 0.4964 USDT
Trade Type: Short
Chart Analysis: ENA/USDT is trading within a clear upward channel, with the current price action testing the upper trendline. This level has shown resistance in the past, increasing the probability of a pullback within the channel.
Resistance Level: The upper channel boundary near 0.5000 is a strong resistance zone, as seen in previous attempts to break above it.
Support Level: The lower boundary of the channel, currently around 0.4250, could act as a support target if the price reverses.
Trade Setup:
Entry Point: Short entry around the current price, near 0.4950.
Stop Loss: Place just above the resistance line, around 0.5050, to allow some buffer.
Take Profit: Target the lower channel boundary around 0.4250, aligning with the channel's support trendline.
EMA Insight:
The price is above the 200 EMA (0.4165), indicating a bullish overall trend, but this trade capitalizes on a potential short-term retracement within the channel.
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