Phemex Token (PTUSDT) Poised for a Pullback
Updated
PT, the native token of the Phemex exchange (which I highly recommend for contract trading, by the way), has been on an impressive uptrend across higher timeframes since its listing on Spot six months ago and its recent entry on Futures just a couple of weeks back. Currently at its all-time high (ATH), I anticipate a correction on the 4H chart towards its support area at $1.03. This is supported by the bearish divergence evident in the MACD indicator. Let's observe how this plays out.
Proposed Short Trade:
Entry Price: 1.2
Take Profit: 1.03
Stop Loss: 1.27
Proposed Short Trade:
Entry Price: 1.2
Take Profit: 1.03
Stop Loss: 1.27
Note
Stop Loss Adjustment: You can confidently move your stop-loss to your entry price. This ensures you lock in some profits while allowing the trade to run further if the downtrend continues.Profit Taking: If you prefer to secure some profits, consider taking a partial profit of 50% at the current price. This allows you to lock in gains while still leaving some exposure to potential further price declines.
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