📉 ENA/USDT Short Opportunity - Channel Resistance Test!
Timeframe: 1H
Current Price: 0.4964 USDT
Trade Type: Short
Chart Analysis: ENA/USDT is trading within a clear upward channel, with the current price action testing the upper trendline. This level has shown resistance in the past, increasing the probability of a pullback within the channel.
Resistance Level: The upper channel boundary near 0.5000 is a strong resistance zone, as seen in previous attempts to break above it.
Support Level: The lower boundary of the channel, currently around 0.4250, could act as a support target if the price reverses.
Trade Setup:
Entry Point: Short entry around the current price, near 0.4950.
Stop Loss: Place just above the resistance line, around 0.5050, to allow some buffer.
Take Profit: Target the lower channel boundary around 0.4250, aligning with the channel's support trendline.
EMA Insight:
The price is above the 200 EMA (0.4165), indicating a bullish overall trend, but this trade capitalizes on a potential short-term retracement within the channel.
Conclusion: This short setup within the channel offers a favorable risk-to-reward ratio. However, watch for any significant breakouts above resistance, which could invalidate the setup.
Trade Safe!
Timeframe: 1H
Current Price: 0.4964 USDT
Trade Type: Short
Chart Analysis: ENA/USDT is trading within a clear upward channel, with the current price action testing the upper trendline. This level has shown resistance in the past, increasing the probability of a pullback within the channel.
Resistance Level: The upper channel boundary near 0.5000 is a strong resistance zone, as seen in previous attempts to break above it.
Support Level: The lower boundary of the channel, currently around 0.4250, could act as a support target if the price reverses.
Trade Setup:
Entry Point: Short entry around the current price, near 0.4950.
Stop Loss: Place just above the resistance line, around 0.5050, to allow some buffer.
Take Profit: Target the lower channel boundary around 0.4250, aligning with the channel's support trendline.
EMA Insight:
The price is above the 200 EMA (0.4165), indicating a bullish overall trend, but this trade capitalizes on a potential short-term retracement within the channel.
Conclusion: This short setup within the channel offers a favorable risk-to-reward ratio. However, watch for any significant breakouts above resistance, which could invalidate the setup.
Trade Safe!
Trade active
Got out at $0.4853
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.