$AGLD Short Liquidation: $5,029.9 at $1.86361 indicates significant short positions being liquidated at this level.
This suggests that sellers were forced out as the price moved against them, potentially indicating bullish momentum.
What Next for $AGLD.
1. Current Market Sentiment:
The liquidation event suggests potential upward movement as shorts are being cleared.
However, further confirmation is needed before entering a trade, as liquidations can lead to sudden volatility.
2. Buy Zone:
Key Support Levels:
$1.75 to $1.85 (good zone for buying if price stabilizes here).
Ensure to monitor price action enter only if the price shows signs of support (like higher lows or reversal candles).
3. Targets:
Short-Term Targets:
Target 1: $2.00 (psychological level).
Target 2: $2.20 (resistance from previous price action).
Long-Term Targets:
Target 3: $2.50 (major resistance zone).
4. Stop Loss Levels:
Recommended Stop Loss: Below $1.70.
If the price breaks $1.70, it may lead to further downside.
Technical Indicators to Watch:
1. Moving Averages:
Check if the price is trading above the 50 EMA (Exponential Moving Average) for confirmation of an uptrend.
2. RSI (Relative Strength Index):
RSI above 50 indicates bullish momentum.
RSI over 70 could signal overbought conditions proceed with caution.
3. Volume:
Higher volume on upward price movements strengthens bullish sentiment.
Summary:
Buy Zone: $1.75 - $1.85.
Targets: $2.00, $2.20, $2.50.
Stop Loss: Below $1.70.
Action Plan: Wait for confirmation before buying. If the price consolidates in the buy zone, it’s a good opportunity to enter.
Keep monitoring market conditions and avoid emotional trading. Trade safely.
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