Market trends and bearish signals
Overbought or oversold: The overall market is in an oversold or neutral state. There is a lack of strong rebound momentum in the short term, indicating that prices may continue to fall.
Momentum and Trend: Multiple momentum and trend indicators show that the current price lacks upward momentum, the bearish trend is more obvious, and the market may continue to be under pressure.
Moving Averages: Both the short-term and medium-term moving averages are above the price, indicating strong selling pressure. The price has not been able to effectively break through these moving averages, and the probability of continuing to fall is high.
Best order opening position
Open short order: It is recommended to open short order around 1.52-1.575. The current price is close to multiple technical pressure levels and lacks rebound momentum, which is suitable for entering the market for short selling.
Stop Loss Position
Stop loss setting: The stop loss is recommended to be set at around 1.58. If the price breaks through this area, it may mean a market reversal and the bearish trend is destroyed.
Take Profit Position
Stage 1 Take Profit: The target price is set in the 1.40 - 1.45 range. This price area is close to the previous support level and meets the key level of Fibonacci retracement. The price is expected to move closer to this level.
Stage 2 profit taking: If the price continues to fall, the profit taking target can be extended to the 1.30 - 1.35 range. This range may form a strong support and is a long-term profit taking target.
Long-term profit-taking: In the longer term, the price may further test the 1.15 - 1.20 range, which is also a relatively solid support area, suitable for the final liquidation operation.
According to the current market situation, THE coin shows a strong downward trend. It is recommended to open a short order around 1.52-1.575, set the stop loss at 1.58, and the take profit target can be set at 1.40 - 1.45. If the market continues to decline, the further target is 1.30 - 1.35, or even 1.15 - 1.20.
Market sentiment is relatively pessimistic and short-selling pressure is relatively high. Therefore, under the current circumstances, it is more reasonable to adopt a forward profit-taking strategy.
