$MITO - SHORT Setup
Entry: 0.0665 – 0.0675 (On rejection from this resistance zone)
Target 1:0.0645
Target 2:0.0630
Stop Loss:0.0685 (Above the recent high)
My View:
MITO has been sharply rejected from the 24h high(0.08958) and is currently in a strong downtrend within the day's session. The price is retracing into a defined supply area, which aligns with the level where the recent decline accelerated. The order book shows a near-balanced volume but with significant Ask liquidity present just above the current price. Price action shows a clear breakdown and a series of lower highs, with the current bounce appearing weak and corrective. The plan is to enter a short position on a confirmed rejection from the defined resistance area, anticipating a continuation of the day's downtrend towards the 24h low and potentially a breakdown to new lows.
Bias: Bearish below 0.0675. A break and hold above 0.0685 would suggest a stronger corrective bounce is underway.
Disclaimer:My plan. Not advice. Trade your own risk.
