$OPEN The price just dropped from the area of 0.178 and fell right into the clean intraday demand zone around 0.171. This move cleared late long positions, fear impacted quickly, and selling pressure has already shown signs of exhaustion. I see a slowdown in momentum here, not aggressive continuation from sellers. The wicks at the lows tell me that buyers are reacting.
I'm not chasing weakness. I'm waiting for the price to build from support.
Market Reading
I'm observing a sharp decline followed by tight candles and weak continuation down. Momentum is cooling, not expanding. This usually means that sellers have exhausted most of their energy, and buyers are starting to absorb near the lows.
Entry point: 0.1715 to 0.1728
Target point
TP1: 0.1760
TP2: 0.1795
TP3: 0.1845
Stop-loss: below 0.1688
How is this possible
Liquidity was pulled below the recent low near 0.171. This move forced weak hands to exit. After that, volume decreased, and the price stopped falling sharply. This often leads to a relief move back into the previous range. If buyers hold this base, the price naturally moves towards the broken structure above.
I'm not guessing. I'm reacting to what the chart shows.
Let's go and trade now $OPEN
