$NOT The recent liquidation of long positions in Net Element at $18.907K and the price drop to $0.00661 has created an interesting opportunity for traders. Let's break down the potential next steps, with key levels for buying, targets, and stop loss considerations.
Buy Zone.
Support Level. After the liquidation at $0.00661, the price may hover around this support level. If it holds steady and doesn't dip further, this can be a strong buy zone.
Ideal Entry. A good entry point could be between $0.00640 to $0.00660 if the price starts showing signs of stability and reversal. Watch for confirmation like higher lows or price action reversal signals candlestick patterns.
Target Levels.
Short Term Target. The first resistance zone to watch is around $0.00700 to $0.00720. If the price manages to break through this, you could see further bullish movement.
Medium Term Target. If the trend continues upward, you could aim for $0.00800 as a medium term target. This could provide a solid profit potential from the current price level.
Stop Loss.
To manage risk, place your stop loss just below the support level. A stop loss around $0.00600 would protect you in case the price breaks down further.
Always remember to adjust the stop loss based on how the price behaves. If the price starts showing weakness or breaks the support, exiting early is key to preserving capital.
Next Steps.
Watch for any signs of price stabilization around $0.00660.
Keep an eye on volume. A significant increase in buying volume would be a strong signal to enter.
Be cautious of volatility and always use stop-loss to minimize risks.
This analysis is based on the liquidation level and current market conditions. Stay alert to market changes and use your risk management strategies to trade safely.
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