Price is retracing into a key resistance zone ($0.3796–$0.3850), which aligns with the 200 EMA and a former support level. The overall market structure is bearish, and this looks like a classic lower high setup.
Trade Setup:
• Short Zone: $0.3796–$0.3850
• Stop Loss: $0.3909 (Above supply zone)
• Take Profit: $0.3491 (Targeting fresh low/demand area)
• Risk/Reward: ~2:1
Bias: Bearish — looking for rejection and continuation of the downtrend.
Confirmation Needed: Wait for bearish candlestick formation (e.g., bearish engulfing or strong wick rejection) before entry.
This setup fits within a broader context of trend continuation — no trade if the resistance breaks. Manage risk accordingly.
Trade Setup:
• Short Zone: $0.3796–$0.3850
• Stop Loss: $0.3909 (Above supply zone)
• Take Profit: $0.3491 (Targeting fresh low/demand area)
• Risk/Reward: ~2:1
Bias: Bearish — looking for rejection and continuation of the downtrend.
Confirmation Needed: Wait for bearish candlestick formation (e.g., bearish engulfing or strong wick rejection) before entry.
This setup fits within a broader context of trend continuation — no trade if the resistance breaks. Manage risk accordingly.
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.
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.