$BLESS short after rejection
The $BLESS USDT 4-hour chart suggests a potential short-selling opportunity as the price reaches a major resistance level and appears overextended relative to its moving averages.
Technical Observations
* Price Action: The price hit a local high of 0.006242 and is currently seeing rejection, forming a small red candle at the peak.
* Bollinger Bands: Price is trading very close to the Upper Band (0.006016). Historically, when the price touches or exceeds this band on the 4h timeframe, a mean-reversion move toward the Middle Band (0.005477) often follows.
* Volume: Recent buying volume is decreasing as the price moves higher, which can indicate buyer exhaustion at these levels.
Proposed Short Setup
* Entry Range: 0.005955 – 0.006050 (Current market price or on a retest of the Upper Band).
* Take Profit 1: 0.005480 (Alignment with the Bollinger Middle Basis line).
* Take Profit 2: 0.004940 (Targeting the Lower Bollinger Band for a full correction).
* Stop Loss: 0.006350 (Above the recent high to protect against a breakout extension).
Risk Management
Since BLESS is up over 8% in the last 24 hours, it still carries upward momentum. A clean break above 0.006250 would invalidate the short thesis. Consider scaling into the position to manage volatility.
Are you planning to use high leverage for this scalp, or are you looking for a swing trade back to the 0.0054 level?
short $BLESS here