Short term risks for long term gainzzz
3h,4h and daily charts indicate heavy oversold conditions which make this a good opppr for the contrarian play, to target $3 levels for a 30% upside.
However we need to reclaim key levels of support first….
🔹 **Trade Direction:** Short (Bearish)
🔹 **Entry:** ~$2.05
🔹 **Stop Loss:** $2.25 (above recent resistance)
🔹 **Target 1:** $1.85 (previous demand zone)
🔹 **Target 2:** $1.60 (key psychological level)
📊 **Probability & Justification:**
- **Momentum:** Strong bearish momentum with lower highs and lower lows.
- **Indicators:** Oversold conditions on stochastic RSI but no bullish divergence yet.
- **Moving Averages:** Price below 50 & 200 EMA, confirming a downtrend.
- **Volume Profile:** Increasing sell pressure suggests further downside.
⚠️ **Risk Considerations:**
- Oversold bounce possible; manage risk accordingly.
- Potential support at $1.85 – monitor reaction before holding further.
📉 **Bias:** Bearish unless price reclaims $2.25+ with volume.
3h,4h and daily charts indicate heavy oversold conditions which make this a good opppr for the contrarian play, to target $3 levels for a 30% upside.
However we need to reclaim key levels of support first….
🔹 **Trade Direction:** Short (Bearish)
🔹 **Entry:** ~$2.05
🔹 **Stop Loss:** $2.25 (above recent resistance)
🔹 **Target 1:** $1.85 (previous demand zone)
🔹 **Target 2:** $1.60 (key psychological level)
📊 **Probability & Justification:**
- **Momentum:** Strong bearish momentum with lower highs and lower lows.
- **Indicators:** Oversold conditions on stochastic RSI but no bullish divergence yet.
- **Moving Averages:** Price below 50 & 200 EMA, confirming a downtrend.
- **Volume Profile:** Increasing sell pressure suggests further downside.
⚠️ **Risk Considerations:**
- Oversold bounce possible; manage risk accordingly.
- Potential support at $1.85 – monitor reaction before holding further.
📉 **Bias:** Bearish unless price reclaims $2.25+ with volume.
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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.