Let's dive into analyzing and examining this cryptocurrency, as it might provide us with trading opportunities this week. 📊💰
Currently, the coin has been on an uptrend in the weekly timeframe, reaching resistance at 8.466 and retracing to support at 6.204. This support has acted as a reversal point several times, indicating its significance. 📈🔄
For a short position, our task is clear: after breaking the 6.204 support, we can initiate our short position. However, keep in mind that this initial downward movement doesn't signify a trend reversal yet. After reaching our targets, we'll either secure profits or close our position. 📉💼
As for a long position, our primary resistance after breaking 8.466 is crucial. We'll be waiting for targets at 10.190 and 13.261 respectively. 🎯💹
Additionally, for a long position, if the current 4-hour candle rejects from the downtrend line and undergoes a correction, we can consider opening a long position early. This position is solely based on the ongoing uptrend, where any lower point can serve as a buying trigger. 🕰️📈
Our confirmations for positions include increasing volume in the direction of the trend, confirmation candles, and RSI entering overbought or oversold regions. 📈👀
Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.💼⚠️
Currently, the coin has been on an uptrend in the weekly timeframe, reaching resistance at 8.466 and retracing to support at 6.204. This support has acted as a reversal point several times, indicating its significance. 📈🔄
For a short position, our task is clear: after breaking the 6.204 support, we can initiate our short position. However, keep in mind that this initial downward movement doesn't signify a trend reversal yet. After reaching our targets, we'll either secure profits or close our position. 📉💼
As for a long position, our primary resistance after breaking 8.466 is crucial. We'll be waiting for targets at 10.190 and 13.261 respectively. 🎯💹
Additionally, for a long position, if the current 4-hour candle rejects from the downtrend line and undergoes a correction, we can consider opening a long position early. This position is solely based on the ongoing uptrend, where any lower point can serve as a buying trigger. 🕰️📈
Our confirmations for positions include increasing volume in the direction of the trend, confirmation candles, and RSI entering overbought or oversold regions. 📈👀
Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.💼⚠️