Let's dive into the 2-hour chart to pinpoint potential entry points. Recently, the market hit Buy Side Liquidity (BSL) with a high of $2.80, but since then, it’s been trending downwards, creating lower highs and lower lows. There’s significant Sell Side Liquidity (SSL) around $2.03, and it seems the market is pulling back toward this level.
Applying Fibonacci retracement on the latest swing high and swing low, the price has been rejected at the 0.618 Fibonacci level, near $2.599. This suggests a continued downtrend, aligning with the typical Fibonacci strategy where, after sweeping Buy Side Liquidity, the price often targets Sell Side Liquidity. Therefore, I expect further price decline.
My Trade Setup
For a short position on SAGA/USDT:
Entry Point: $2.5537
Stop Loss: $2.7696
Take Profit: $1.6102
This setup offers a Risk-to-Reward Ratio of 1:4.41, presenting a strong opportunity. As always, ensure confirmation at key levels before executing the trade.
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