Market Context
We're currently observing a well-defined bearish structure on ENA/USDT. After reaching peaks around 1.20 USDT, the pair is evolving within a descending channel characterized by lower highs and lower lows. Price has just completed a 5-wave Elliott impulse to the downside and is now forming an ABC correction that provides us with an excellent selling opportunity.
The major resistance zone sits at 0.2854 USDT, where the 20, 50, 100, and 200-period exponential moving averages converge. This technical confluence creates a strong ceiling that buyers will struggle to break through. Momentum remains weak with the RSI struggling to push above the neutral zone, confirming the exhaustion of bullish dynamics.
Trading Setup
I'm gradually entering a short position in the current zone between 0.2735 and 0.2767 USDT. This range represents an initial intermediate resistance where price is already showing rejection signs. If the market offers us a retest of the 0.2850-0.2854 zone, I'll add to my position as this is where our major resistance lies with the EMA convergence.
My stop loss is strategically placed at 0.2867 USDT, just above the critical resistance zone. This limits my risk to approximately 3.14% from the average entry point. For targets, I'm first aiming for 0.2401 USDT where significant historical support lies, then 0.2366 USDT which corresponds to our final technical projection. These levels offer us an attractive risk-reward ratio exceeding 1:2.
Key Operation Points
Entries:
Zone 1: 0.2735-0.2767 USDT (immediate entry)
Zone 2: 0.2850-0.2854 USDT (if retest occurs)
Exits:
Take Profit 1: 0.2401 USDT
Take Profit 2: 0.2366 USDT
Stop Loss: 0.2867 USDT
This solid technical configuration, combined with dominant bearish momentum and well-identified resistances, fully justifies this short position with excellent profit potential relative to the risk taken.
We're currently observing a well-defined bearish structure on ENA/USDT. After reaching peaks around 1.20 USDT, the pair is evolving within a descending channel characterized by lower highs and lower lows. Price has just completed a 5-wave Elliott impulse to the downside and is now forming an ABC correction that provides us with an excellent selling opportunity.
The major resistance zone sits at 0.2854 USDT, where the 20, 50, 100, and 200-period exponential moving averages converge. This technical confluence creates a strong ceiling that buyers will struggle to break through. Momentum remains weak with the RSI struggling to push above the neutral zone, confirming the exhaustion of bullish dynamics.
Trading Setup
I'm gradually entering a short position in the current zone between 0.2735 and 0.2767 USDT. This range represents an initial intermediate resistance where price is already showing rejection signs. If the market offers us a retest of the 0.2850-0.2854 zone, I'll add to my position as this is where our major resistance lies with the EMA convergence.
My stop loss is strategically placed at 0.2867 USDT, just above the critical resistance zone. This limits my risk to approximately 3.14% from the average entry point. For targets, I'm first aiming for 0.2401 USDT where significant historical support lies, then 0.2366 USDT which corresponds to our final technical projection. These levels offer us an attractive risk-reward ratio exceeding 1:2.
Key Operation Points
Entries:
Zone 1: 0.2735-0.2767 USDT (immediate entry)
Zone 2: 0.2850-0.2854 USDT (if retest occurs)
Exits:
Take Profit 1: 0.2401 USDT
Take Profit 2: 0.2366 USDT
Stop Loss: 0.2867 USDT
This solid technical configuration, combined with dominant bearish momentum and well-identified resistances, fully justifies this short position with excellent profit potential relative to the risk taken.
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.