$W complete set-up is here
1. Resistance
Immediate resistance at $0.3436 (24h high).
Secondary resistance at $0.3401 (recent peak in the chart)
2. Support:
Immediate support at $0.3315 (recent consolidation zone).
Secondary support at $0.3130 (local low on the chart).
ā¤“ļøLong Position Setup
Entry Point: Consider entering a long position if the price breaks and closes above the $0.3436 resistance level with strong volume.
šÆTake Profit:
First target at $0.3500.
Extended target at $0.3600 (psychological level).
Stop Loss: Set below the support at $0.3315 to limit downside risk.
šøIndicator Confirmation:
The price is above the MA(7) and MA(25), indicating bullish momentum.
Volume spikes show increased buying interest.
Short Position Setup
Entry Point: Consider shorting if the price falls below $0.3315, showing a rejection of higher levels.
Take Profit:
First target at $0.3216 (support from the chart).
Extended target at $0.3130 (local low).
Stop Loss: Place above the $0.3436 resistance level.
š¶Indicator Confirmation:
A cross below MA(7) by the price could signal a potential trend reversal to the downside.
Declining volume would confirm bearish sentiment.
Market Insights
Trend: The chart suggests a short-term bullish recovery as the price is trending above key moving averages (MA(7) and MA(25)).
Volume: Volume spikes at upward price movements confirm active buying interest.
Risk: Watch for resistance at $0.3436āa failure to break this level might lead to a correction.
Momentum Indicators: Use MACD and RSI for further confirmation of overbought or oversold conditions.
General Strategy
Scalping: Focus on smaller timeframes like 15 minutes for quick trades based on momentum shifts.
Swing Trading: Use 1H or 4H charts for broader price moves and confirmation of breakouts or breakdowns.
Always manage risk with proper position sizing and stop-loss strategies.
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