ALCX/usdt

1. Entry Point

Since the current price is $19.84 and has increased by 12.15%, it appears the market is overbought. You could consider shorting at the current level, especially if you see signs of price exhaustion or resistance near $20.00.

2. Stop Loss (SL)

Place a stop loss above a significant resistance level to protect against a sudden price spike.

Given the 24-hour high is $20.02, a reasonable stop loss might be set around $20.20 to $20.50, providing some room for price fluctuation.

3. Take Profit (TP)

For a conservative TP, you can target a support area close to the recent price action. You can aim for:

First TP: $19.00 (nearest support level)

Second TP: $18.20 (further support, where EMA(99) is located)

4. Hedging Strategy

If the market moves against your position and reaches near your stop loss, you can hedge by opening a long position. This approach minimizes potential losses.

Ensure that the hedge position size is adjusted to balance the short exposure.

5. Dollar-Cost Averaging (DCA)

If the price moves slightly above your entry but hasn't hit the stop loss, consider setting DCA levels. For example, you could place small additional short entries every $0.20 above your initial entry, up to the stop loss point. Be cautious and manage risk to avoid over-leveraging.