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Current Trend: The price is in a consolidation phase (sideways movement) following a drop from the 843.42 high.
Key Support: The chart shows strong rejection (wicks) around 838.45. There is also dynamic support from the purple line (MA99) at 836.69.
Key Resistance: Immediate resistance is at the recent high of 843.42.
Momentum: The price is hovering around the shorter moving averages (MA7 and MA25), indicating indecision. However, since the price remains above the long-term MA99, the bias is slightly bullish.
Suggested Setup: Long Position (Trend Follow)
Since the price is holding above the MA99 support, the higher probability trade is to catch a bounce back toward the highs.
Entry Price: 840.90 (Current Market Price)
❌ Stop Loss (SL): 837.90
Reasoning: This places the stop just below the recent consolidation lows and the psychological 838 level. If price breaks this, the short-term bullish structure is invalid.
✅ Take Profit (TP): 846.00
Reasoning: This targets a breakout slightly above the recent high of 843.42 to capture liquidity.
⚖️ Risk-to-Reward Ratio: 1.7 : 1
The Math:
Risk: $3.00 per coin (840.90 - 837.90)
Reward: $5.10 per coin (846.00 - 840.90)
Ratio: $5.10 / $3.00 = 1.7
Alternative Setup: Short Position (Scalp)
If you believe the price will fail to break the 842.00 resistance again.
Entry Price: 840.90
❌ Stop Loss (SL): 843.60
Reasoning: Just above the recent wick high (843.42).
✅ Take Profit (TP): 836.80
Reasoning: Targeting the MA99 support line.
⚖️ Risk-to-Reward Ratio: 1.52 : 1