Current status: Strong bullish momentum but hitting a "sensitive zone".
Trend: Both the 15-minute and 1-hour charts are showing a strong V-shaped recovery from the bottom at 0.2166 up to 0.2390.
Warning signals: The RSI indicator on both timeframes has jumped into the overbought territory (15m at 86, 1H at 76). The price is also approaching the old resistance level at 0.2412.
2. Action: Absolutely DO NOT chase buys right now.
Buying at this level is very risky because you are entering at the peak of the bounce and near resistance. The probability of experiencing a technical pullback is very high.
3. Optimal trading plan:
If you want to BUY: Be patient and wait for a price correction (retest) back to the zone of 0.2320 – 0.2340 (the area where the moving averages just crossed). If the price comes back here and bounces up, then enter a buy, with profit targets at 0.2420 and 0.2500.
If you want to SELL (Short): Wait for the price to push up to the level of 0.2412. If selling pressure shows up (long upper wick, red candle appears), you can enter a short position, taking profit when the price drops to 0.2330.
In conclusion: Stay on the sidelines, observe the price reaction at the peak of 0.2412 or wait for a correction to 0.2330 before entering a trade. Entering now would be "top-ticking" in the short term. $FET
Trend: Both the 15-minute and 1-hour charts are showing a strong V-shaped recovery from the bottom at 0.2166 up to 0.2390.
Warning signals: The RSI indicator on both timeframes has jumped into the overbought territory (15m at 86, 1H at 76). The price is also approaching the old resistance level at 0.2412.
2. Action: Absolutely DO NOT chase buys right now.
Buying at this level is very risky because you are entering at the peak of the bounce and near resistance. The probability of experiencing a technical pullback is very high.
3. Optimal trading plan:
If you want to BUY: Be patient and wait for a price correction (retest) back to the zone of 0.2320 – 0.2340 (the area where the moving averages just crossed). If the price comes back here and bounces up, then enter a buy, with profit targets at 0.2420 and 0.2500.
If you want to SELL (Short): Wait for the price to push up to the level of 0.2412. If selling pressure shows up (long upper wick, red candle appears), you can enter a short position, taking profit when the price drops to 0.2330.
In conclusion: Stay on the sidelines, observe the price reaction at the peak of 0.2412 or wait for a correction to 0.2330 before entering a trade. Entering now would be "top-ticking" in the short term. $FET