๐ Trade Analysis: $EIGEN /USDT
Recently, the price respected the 1H resistance zone, showing bearish momentum, and has now pulled back to a 15-minute zone, which further confirms bearish momentum on the 15-minute timeframe.
๐ Key Observations:
Resistance Zone Tested: Price reacted strongly at the 1H resistance level, reinforcing the bearish sentiment.
15-Minute Momentum: The 15-minute chart shows clear bearish momentum, supporting a potential continuation of the downtrend.
Potential Pullback Opportunity: If the market provides another pullback to a resistance level or supply zone, it could offer a better entry point.
๐ฏ Trade Plan:
Expected Move: I anticipate the price to move lower if the pullback setup aligns with market conditions.
Targets:
Target 1: $3.37
Target 2: $3.25
โ ๏ธ Risk Management:
Wait for a confirmed pullback before entering the trade. Plan your trade based on your risk-to-reward ratio, set stop-loss levels appropriately, and ensure your entry aligns with your strategy.
Keep monitoring market conditions for confirmation and adjust your approach accordingly. Always trade responsibly! ๐
