The $SPKUSDT chart is screaming for a short right now, with price sweeping into the Order Block zone at 0.02756, a level that's been a consistent rejection point in recent history. This area is a magnet for sellers, and I'm expecting a sharp bounce off this zone.
Technically, the higher time frame trend is bearish, with the RSI sitting at 37, indicating there's still plenty of room for downside movement. The volume is also inflated, coming in at 2.5x average, which suggests there's a lot of interest in this move. The SMC Score is at 6.1/10, which is relatively neutral, but given the bearish trend, I'm leaning on the short side.
Here are the trade levels:
- Entry: 0.02756
- Take Profit 1: 0.02701 (RR 3.6x)
- Take Profit 2: 0.02619 (RR 8.9x)
- Stop Loss: 0.02771
I'm looking for a tight stop short, targeting 0.02701 initially, with a possible extension to 0.02619 if momentum builds.
Followers, keep an eye on this one, and let's ride the wave down. Remember to manage your risk, and don't get caught on the wrong side of the trend.
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