⚜️✨ The ORDI (Ordinals) chart is currently looking quite favorable for a short setup. A 'Lower High' pattern is forming on the chart, indicating bearish momentum.
Follow the levels outlined below:
Technical Analysis (ORDI/USDT)
Resistance: The price is being rejected repeatedly around the $5.50 - $5.60 zone.
RSI (Relative Strength Index): On the 15-minute chart, the RSI is around 68, which is close to the overbought zone. This means we might see some selling pressure coming in shortly.
Trend: The price has failed to break the previous high ($5.62), which is a sign of weakness.
Short Trade Plan
Entry Zone: $5.43 - $5.50 (The current price could be a good entry point).
Stop Loss (SL): $5.65 (If the price breaks the previous peak of $5.625, the trade will be invalid).
Take Profit (TP):
TP 1: $5.33 (Nearby support).
TP 2: $5.20.
TP 3: $5.05 (Major support level).
Trading Strategy & Risk Warning
Leverage: ORDI is a highly volatile coin. Do not take leverage greater than 5x to 10x. Mistakes like 50x can wash out your account here.
Market Correlation: Keep an eye on Bitcoin (BTC) before entering. If BTC breaks the $82,500 resistance, do not short ORDI as it will likely move up with it.
Risk Management: Only risk 2% to 3% of your total balance on this trade.
Summary: The chart is bearish and the RSI is signaling a downward move. A short entry at $5.43 is a "calculated risk", provided you strictly follow the SL.
#ORDI