💹 Let's dive into analyzing this cryptocurrency coin for trading in lower time frames.
💰 In the weekly timeframe, we're still within a weekly box, and we've faced heavy rejection from the box's ceiling and weekly resistance. We're seeing red candles, and one of the reasons for this event is the correction in Bitcoin and the short-term conflict between Iran and Israel, which led to the decline in most altcoins.
🕓 ⏳ In the 4-hour timeframe, after this coin's decline, it's still in a period of consolidation and oscillation within a short-term box, just like other coins. It hasn't been able to undergo price correction after the decline, and it's in a period of adjustment.
🔍 For a short position, our daily support is defined, and we'll have an appropriate trigger for our short position. After breaking the support line at 2.710, we can open our short position along with the downward trend in the 4-hour timeframe.
📊 For a long position, we can enter after the 4-hour line at 3.146, albeit with risk. However, better coins for long positions will be available this week. But if the volume of our green candles is increasing when reaching this line, you can open your long position early. A logical long position would be after 3.847.
🔄 Currently, Bitcoin is the main coin and has a significant impact on altcoins. It's best to also review Bitcoin's charts these days before opening a position. There's a possibility that SNX may break its support line and experience a decline. But it's enough for Bitcoin to reach its box bottom and rise from the $61,000 support level.
In this scenario, altcoins will undergo deep corrections, and your stops may be activated. However, if Bitcoin rises and maintains its support level, your altcoin will experience a significant decline and provide you with substantial profit in your short position.
🌟 Our upcoming supports are at 2.414, 2.187, 1.969, and our resistances are at 3.424, 3.847, with the most important weekly resistance at 5.142.
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ 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.
💰 In the weekly timeframe, we're still within a weekly box, and we've faced heavy rejection from the box's ceiling and weekly resistance. We're seeing red candles, and one of the reasons for this event is the correction in Bitcoin and the short-term conflict between Iran and Israel, which led to the decline in most altcoins.
🕓 ⏳ In the 4-hour timeframe, after this coin's decline, it's still in a period of consolidation and oscillation within a short-term box, just like other coins. It hasn't been able to undergo price correction after the decline, and it's in a period of adjustment.
🔍 For a short position, our daily support is defined, and we'll have an appropriate trigger for our short position. After breaking the support line at 2.710, we can open our short position along with the downward trend in the 4-hour timeframe.
📊 For a long position, we can enter after the 4-hour line at 3.146, albeit with risk. However, better coins for long positions will be available this week. But if the volume of our green candles is increasing when reaching this line, you can open your long position early. A logical long position would be after 3.847.
🔄 Currently, Bitcoin is the main coin and has a significant impact on altcoins. It's best to also review Bitcoin's charts these days before opening a position. There's a possibility that SNX may break its support line and experience a decline. But it's enough for Bitcoin to reach its box bottom and rise from the $61,000 support level.
In this scenario, altcoins will undergo deep corrections, and your stops may be activated. However, if Bitcoin rises and maintains its support level, your altcoin will experience a significant decline and provide you with substantial profit in your short position.
🌟 Our upcoming supports are at 2.414, 2.187, 1.969, and our resistances are at 3.424, 3.847, with the most important weekly resistance at 5.142.
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ 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.
