Technical Analysis
1. Price Movement & Trend:
The price is currently around 1.772 USDT.
There is a slight recovery after a downtrend, with the price trying to stabilize around the 1.773 mark.
Moving Average (MA60) is almost aligned with the current price, indicating consolidation or the possibility of a breakout.
2. Moving Averages (MA):
MA(5): 7,214.19 â This shorter-term average suggests the recent market volatility, with the price fluctuating.
MA(10): 5,998.58 â A bit more stable, but still indicates recent selling pressure. Watch out for crossovers, which could signal either bullish or bearish movements.
3. MACD Indicator:
MACD Histogram shows a slight positive divergence, signaling that momentum is starting to build in the bullish direction.
DIF & DEA lines are very close to each other, with minimal positive divergence. If DIF (the white line) crosses above DEA (yellow line), it could indicate further upside potential.
4. Volume:
Volume has increased slightly during price drops, indicating some selling pressure but no clear dominance of bears or bulls. A higher volume breakout would give clearer direction.
Trading Plan
Plan A - Long Entry:
Entry Price: 1.773-1.775 USDT
Take Profit (TP): 1.83 USDT (near the 24-hour high)
Stop Loss (SL): 1.74 USDT (below the recent consolidation and the 1.75 support level)
Duration: Short-term (1-3 days). If the market turns bullish and MACD confirms the signal, hold for a few more days to see further gains.
Signal: Look for a bullish MACD crossover or the price breaking above the 1.775 level with increasing volume.
Plan B - Short Entry:
Entry Price: If the price breaks below 1.77 USDT.
Take Profit (TP): 1.70 USDT (near the 24-hour low and psychological support).
Stop Loss (SL): 1.80 USDT (above recent resistance).
Duration: Short-term (1-2 days). If selling pressure intensifies with strong volume, the downtrend might extend.
Signal: A bearish MACD crossover or rejection from 1.77 USDT with strong selling pressure could trigger a short opportunity.
Plan C - Market Goes Against You (for Long position):
If you enter long and the price breaks below 1.74 USDT with strong volume, exit the trade immediately to minimize losses. You can flip to a short position if the downtrend strengthens.
Plan D - Market Goes Against You (for Short position):
If you enter short and the price moves above 1.80 USDT on strong volume, exit the trade and consider going long if momentum continues upward.
Conclusion:
For Long: Wait for confirmation of a MACD bullish crossover and increasing volume before entering long. Target the 1.83 USDT area as a potential take profit.
For Short: Watch for a price breakdown below 1.77 USDT and weakening MACD for a potential short entry, targeting around 1.70 USDT.
Always stick to your stop losses and avoid emotional decisions when the market moves against you. Let me know if you'd like more details on any of the points!
