#### **Market Context**
- DEGEN shows a strong **bullish trend on the daily chart**, but faces a local resistance on the 1H timeframe.
- Key focus: Break above **0.008846** for confirmation of continuation.
#### **Key Levels**
- **Resistance**: 0.008846 (Breakout trigger)
- **Support Zone**: 0.007764 – 0.007382 (Critical demand area)
- **Current Price Action**: Rejecting weakly at resistance; no strong sell signals yet.
#### **Analysis**
- **Daily TF**: Strong bullish structure, but 1H shows short-term exhaustion.
- **1H Resistance**: Price is testing a minor supply zone (0.008846). A weak rejection suggests **low selling pressure**—no "sell" setup here.
- **Potential Support**: The zone **0.007764–0.007382** is the only area where buyers might step in aggressively.
#### **Trade Plan**
- **Ideal Entry**:
- **Conservative**: Wait for **break & close above 0.008846** (confirms bullish continuation).
- **Aggressive**: Buy near **0.007764–0.007382** (high-risk, requires tight stop).
- **Targets**:
- TP1: 0.009500 (Previous high)
- TP2: 0.010000 (Psychological level)
- **Stop Loss**: Below 0.007382 (if buying support).
#### **Risk Management**
- **R/R**: 1:3+ if entering at support, 1:5+ on breakout.
- **Warning**: Avoid premature longs before confirmation—current resistance could trigger a pullback.
#### **Chart Notes**
- Marked:
- Red zone = Resistance (0.008846).
- Green zone = Support (0.007764–0.007382).
- Blue arrow = Breakout direction.
#DEGEN
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.