$FORTH
Momentum PullBack And Opportunity awaitsđŻđ„đ
Current Price: 5.479
24h High: 5.859
24h Low: 4.716
24h Volume (FORTH): 905,996.09
24h Volume (USDT): 4.89M
Key Support and Resistance Levels:
Support: 4.716 (24h Low), a significant area for potential bullish reversal if price retraces lower.
Resistance: 5.859 (24h High), key level to watch for bullish breakout.
Trend Analysis (1-hour timeframe):
Bullish Momentum: The price has shown a recent +4.96% increase, indicating bullish short-term momentum.
EMA Analysis: If the price is above the 50-EMA or 200-EMA, this indicates that the bullish trend could continue. Watch for potential pullbacks to these levels for entry.
Trade Setup and Strategy:
Scenario 1: Bullish Continuation (Long Setup)
If the price maintains its bullish trend and breaks the recent resistance level, a long position could be considered.
1. Entry Point: Long at 5.5000 (breakout above previous resistance).
2. Stop Loss: Below 5.3000 (just below the support region from the recent price range).
3. Target Levels:
Target 1 (T1): 5.8000 (next key resistance level).
Target 2 (T2): 6.1000 (psychological level and upper range).
Target 3 (T3): 6.5000 (towards the 24h high).
Scenario 2: Bearish Reversal (Short Setup)
If the price fails to sustain above 5.5000 and forms a bearish reversal pattern, a short setup can be executed.
1. Entry Point: Short at 5.4500 (failure to break above resistance).
2. Stop Loss: Above 5.6000 (to protect against further upside).
3. Target Levels:
Target 1 (T1): 5.2000 (immediate support).
Target 2 (T2): 4.9000 (next support zone).
Target 3 (T3): 4.7000 (psychological level).
Scenario 3: Range Trading Strategy
If FORTH/USDT remains in a sideways range between 5.479 and 5.859, you could use range trading strategies.
1. Buy near Support (5.479) and sell near Resistance (5.859).
2. Take profit near 5.8000 when resistance is approached.
3. Stop loss just below 5.3000 to minimize risks if the price falls out of the range.