KEY 🗝️ OBSERVATIONS:
1. Current Price: $8.808
2. 24-Hour Range: High of $9.224 and Low of $8.696.
3. Volume: Low trading activity, suggesting a consolidation phase.
4. Moving Averages:
MA60 is at $8.812, indicating the price is near a key resistance/support zone.
5. MACD: DIF and DEA are converging near zero, showing a lack of strong momentum in either direction.
STRATEGY FOR TRADING:
1. Long Trade Setup (If Bullish Momentum is Confirmed):
Entry Point: Wait for a breakout above $8.85 (above MA60).
Stop Loss: $8.70 (below recent swing low).
Take Profit:
Target 1: $9.10 (previous resistance).
Target 2: $9.22 (24-hour high).
Confirmation: Look for increasing volume and bullish MACD crossover.
2. Short Trade Setup (If Bearish Momentum is Confirmed):
Entry Point: Enter below $8.70 (breaking support).
Stop Loss: $8.90 (above recent consolidation zone).
Take Profit:
Target 1: $8.50 (psychological support).
Target 2: $8.30 (previous key support area).
Confirmation: Look for increasing sell volume and MACD divergence.
CONTINGENCY PLANS:
Plan A (Sideways Market): Use range-bound strategies. Buy near $8.70 support and sell near $8.85 resistance.
Plan B (Breakout Above $9.22): Increase long targets to $9.50 with trailing stops.
Plan C (Breakdown Below $8.50): Increase short targets to $8.30 with tighter stop losses.
Plan D (False Breakout): Exit trades quickly if the price reverts into the range after a breakout.
INDICATORS TO WATCH:
MACD Crossovers: Strong bullish or bearish crossovers.
Volume Surge: High volume confirms breakout validity.
Moving Averages: Crossovers between shorter (MA5, MA10) and longer (MA60) MAs can indicate momentum shifts.
Let me know if you'd like further assistance or another analysis!
(IF YOU LIKE THE ARTICLE LEAVE YOUR COMMENT & PLEASE FOLLOW ME FOR MORE NEW ARTICLES 😇 🔥 🔥 🔥)
Thanks 👍