$VIRTUAL This indicates that a significant number of short positions were liquidated around the $3.15137 level, which could signal buying interest in this price area.
Key Levels to Watch.
1. Support Zone (Buy Zone).
Primary Buy Zone.
$3.10 - $3.20
This range is crucial as it is near the liquidation price. If the price holds above this level, it might act as a strong support.
2. Resistance Levels (Target Zones).
Target 1.
$3.40
This is the first target zone where some profit-taking could occur.
Target 2.
$3.60
If the momentum continues, this could be the next level to watch.
Target 3.
$3.75
A breakout above this level might indicate a strong bullish trend.
3. Stop Loss.
Below $3.05
This level ensures that losses are minimized in case the market turns bearish.
Trading Plan.
Entry.
Start accumulating between $3.10 - $3.20.
Profit Targets.
Partial exit at $3.40 (Target 1).
Further exit at $3.60 (Target 2).
Hold small positions for $3.75 (Target 3).
Stop-Loss: Place it slightly below $3.05.
Market Sentiment.
The short liquidation indicates a possible bullish reversal.
Watch for high trading volumes and any breakouts above $3.40 to confirm the trend.
Pro Tip.
Always monitor the overall market sentiment and adjust your strategy if unexpected news or events impact the price.
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