Short selling suggestion

Current price is 0.16870.
Trading strategy:

  • Short selling opening range: 0.16950-0.17050

  • Take profit target:

    • First target: 0.16400

    • Second target: 0.16000

    • Third target: 0.15350

  • Stop-loss range: 0.17200-0.17300



Resistance and support levels

  1. Upper resistance level:

    • 0.16950-0.17050 is the recent rebound high point range, similar to the top of a roller coaster, which may become the 'launch point' for shorting.

    • If the price breaks through 0.17200, strong resistance may be around 0.17450, which is not very friendly for the bears.

  2. Support levels below:

    • The first layer of support is at 0.16400, like a small buffer slope on a roller coaster.

    • The second layer of support is at 0.16000, which is the low point area of the past period and may attract some buyers.

    • If it unexpectedly falls below 0.15350, this coin may lie flat, and the support level will slide to deeper territory.

The 'helplessness' of technical indicators:

  • Short-term moving averages and volume-weighted moving averages show a weak trend, with solid reasons to be bearish.

  • Momentum indicators, MACD, etc., also show some weakness, as if telling us, 'Don't expect it to climb too high.'

  • Although long-term moving averages remain on the buying side, overall market momentum is insufficient and may change at any time.