REI/USDT is showing clear signs of bearish momentum after a failed breakout above the key resistance zone. Here’s why I’m leaning bearish:
Failed Breakout at Resistance: The price briefly spiked above the resistance zone (0.02093–0.02244) but couldn’t hold, peaking at 0.02300 before a sharp rejection. This failure to sustain the breakout suggests strong selling pressure at higher levels, likely from profit-taking or institutional sell-offs.
Bearish Confirmation: A break below 0.02089 would confirm the bearish bias, potentially driving the price toward 0.01962 or lower (0.01791). The recent high-volume rejection at 0.02300 supports the idea of a bearish reversal.
Trade Idea:
Consider shorting below 0.02089 (on confirmation of the break).
Target: First target at 0.01962, with a deeper target at 0.01794
Stop Loss: Place above 0.02244.
Failed Breakout at Resistance: The price briefly spiked above the resistance zone (0.02093–0.02244) but couldn’t hold, peaking at 0.02300 before a sharp rejection. This failure to sustain the breakout suggests strong selling pressure at higher levels, likely from profit-taking or institutional sell-offs.
Bearish Confirmation: A break below 0.02089 would confirm the bearish bias, potentially driving the price toward 0.01962 or lower (0.01791). The recent high-volume rejection at 0.02300 supports the idea of a bearish reversal.
Trade Idea:
Consider shorting below 0.02089 (on confirmation of the break).
Target: First target at 0.01962, with a deeper target at 0.01794
Stop Loss: Place above 0.02244.
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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.