Current Price: $16.98
Timeframe: 30m (Binance)
Key Levels:
1. Target 1: $17.50 – This is the immediate resistance. A breakout above this level could confirm bullish momentum.
2. Target 2: $18.20 – A notable level that previously acted as support and now serves as resistance. Watch for a retest if surpassed.
3. Target 3: $19.00 – A key psychological level and long-term bullish target.
Analysis:
Trend: The asset is in a recovery phase following consolidation. Current bullish momentum suggests a possible breakout.
Volume: Rising trading volume is reinforcing the upward trend.
Support Level: $16.50 serves as the nearest local support.
Action Plan:
For Short-Term Traders: Consider taking partial profits near $17.50 and adjust your stop-loss to $16.80.
For Long-Term Traders: Maintain positions targeting $19.00, with risk managed below the $16.50 level.
Stay informed and practice sound risk management.