#cgpt Scenario 1: Bullish Continuation • Entry: Wait for a pullback to the $0.2380 - $0.2350 support zone. • Indicators to Watch: • RSI near 40-50. • 50 EMA holding price as support. • Take Profit Levels: • First Target: $0.2500 (near-term resistance). • Second Target: $0.2700 (next resistance level if $0.2500 breaks). • Stop Loss: • Tight stop at $0.2300 to limit downside risk
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Scenario 2: Reversal or Consolidation • Entry (Short): If price rejects at $0.2500 with a bearish candlestick (e.g., shooting star), consider a short position. • Indicators to Watch: • RSI drops below 70 from overbought levels. • Price closes below the 50 EMA. • Take Profit Levels: • First Target: $0.2380. • Second Target: $0.2300. • Stop Loss: • Above $0.2550 (just above the resistance level)
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Checklist for Monitoring the Market: 1. Trend Confirmation: • Use MACD: A bullish cross (signal line crossing MACD line) supports long entries. • Price holding above the 50 EMA is ideal for bullish momentum. 2. Breakout or Breakdown: • Monitor the $0.2500 resistance for a potential breakout with volume. • If the price fails to hold $0.2300 support, stay cautious and avoid longs .