11/NN/SS/TT /AA đ trade_withsania
$ARKM quick update
Should we take a short entry here đ
Quick scenario of $ARKM
đPrice Action: The price has recently made a strong upward move, breaking past previous resistance zones, and is currently near $1.4274.
Indicators:
đExponential Moving Averages (EMAs): The 9, 25, and 200-period EMAs are indicating an upward trend with the 9 EMA above the 25 EMA and 200 EMA.
đRelative Strength Index (RSI): The RSI is around 74.83, which indicates that the market is in overbought territory.
đShort Entry Considerations:
Overbought RSI: RSI above 70 generally suggests that the asset is overbought and could see a pullback, making it a potential signal for a short entry.
đResistance Zone: The price is approaching a key resistance area around $1.4385, and it could face selling pressure here.
Risks:
đStrong Momentum: The current momentum is bullish, and shorting against a strong trend can be risky. If the price breaks above the resistance zone, it could continue rising.
đSupport Levels: Consider watching for a clearer reversal signal or a break below key support levels (such as the 9 or 25 EMA) before entering a short.
đšđšđšIt might be safer to wait for a confirmed rejection at resistance or a clear reversal pattern before taking a short position. If you decide to short, consider setting a tight stop-loss above the recent highs to manage your risk.$NEIRO $TAO #DODOEmpowersMemeIssuance #BinanceLaunchpoolHMSTR #CATIonBinance #BTCReboundsAfterFOMC