Technical analysis:
1. Moving Averages (EMA):
• The current price is below the short-term and medium-term moving averages (EMA 7 and EMA 25), indicating that the overall short-term trend is leaning downward.
2. Relative Strength Index (RSI):
• RSI levels are in the neutral to oversold zone, indicating that the market is likely approaching oversold, but has not yet reached a strong entry point.
3. MACD Indicator:
• MACD is still negative which supports the current downtrend, but MACD convergence or crossover with the signal should be monitored for a possible reversal.
Proposed deal:
Buy deal:
• Entry point: If the price continues to fall and reaches the strong support area near 125-130 USDT, this could be a good entry point to buy. It is better to wait until there are clear reversal signals such as a rising RSI or a positive MACD crossover.
• Stop Loss order: below the support level by about 2-3%, i.e. near 122 USDT, to protect capital in case the price breaks the support.
• Take Profit: The first target could be at the previous resistance level 140-145 USDT. If the price breaks this level, the trade can be continued with a trailing stop in an upward direction.
Sell deal:
• Entry point: If the price rises to the resistance level between 140-145 USDT without showing clear breakout signals, a short-term sell trade can be considered.
• Stop Loss order: Above the resistance level by about 2-3%, i.e. near 148 USDT.
• Take Profit: If the price goes back down, the initial support at 130 USDT can be targeted. If the downward trend continues, the trade can be continued at lower prices.
comments:
• Make sure to keep an eye on the market constantly because cryptocurrencies are known for their high volatility.
• Adjust targets and stop loss orders based on market movement and changes in technical indicators.
Remember that trading in cryptocurrencies involves high risks, so it is important to manage your capital carefully.
