#MEW should enter for short entry
To create the perfect short signal for MEWUSDT and maximize profits, here's a strategy you can follow based on technical analysis and market behavior:
1. Watch the Overbought RSI:
The RSI is currently above 70 (73.78 in the image), indicating the coin is overbought. This often signals a potential reversal.
Wait for a slight RSI divergence or for the RSI to start dropping below 70.
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2. Set a Short Entry Point:
Entry Range: Look for the price to reach or exceed 0.0117 (recent high in your chart) as a trigger to initiate the short. This is where overbuying peaks and exhaustion might set in.
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Confirmation: Enter the short position once you see a strong red candle forming on the 15-minute or 1-hour chart. Ideally, combine this with declining RSI or a bearish candlestick pattern like a bearish engulfing.
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3. Define Take-Profit Zones:
First Target: Place your first take-profit at around 0.0105, near the previous key support level.
Second Target: For further gains, aim for 0.0089, the 24-hour low on your chart, if the market continues its downtrend.
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4. Set Your Stop-Loss:
Place your stop-loss just above 0.0121, which is slightly above the current high of 0.011716, to minimize risk in case of a price spike.
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5. Use Volume and MACD for Confirmation:
Watch the volume for declining buy pressure. If volume decreases as price rises, it signals a potential reversal.
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Check the MACD: A bearish cross (MACD line crossing below the signal line) will confirm the downward momentum, supporting your short position.
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Summary:
Entry: Short at 0.0117 after confirmation of bearish signals.
Take-Profit 1: 0.0105.
Take-Profit 2: 0.0089.
Stop-Loss: 0.0121.
Wait for confirmation on these signals, then ride the trend downward for potential profits!
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