🌞 Update market [09/12] [POWER]. 💵
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📉 Technical Insight:
On the 1H timeframe, Power Ledger (POWER) is showing a typical bullish structure. After a strong breakout, the price is making a pullback towards the "Golden Confluence" area. This is the intersection between the upward trendline (white diagonal line) and the hard horizontal support area (white horizontal line) at the 0.268 - 0.270 region.
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☁️ Indicator signals:
Stoch RSI has fallen deep into the oversold region with an extremely low index (2.28), indicating that the bears have exhausted their strength. The current candle is forming a pinbar right at support, confirming that the bulls are stepping in to defend the trend.
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💡 Trading mindset:
The market is giving us the opportunity to "Buy the Dip" in an uptrend. If the price holds above the Ichimoku cloud and bounces off the trendline, it is a safe signal to open a position. It is not advisable to Short at this time as it could easily get "swept" when the main trend resumes.
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RECOMMENDED POSITION
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📈 LONG LIMIT (Waiting to buy)
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🔹 Entry: 0.268 - 0.275 (Support confluence area and Trendline)
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🔻 Stoploss (SL): 0.258 (Cut loss if the price closes below horizontal support, breaking the bullish structure)
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🎯 Take Profit (TP):
TP1: 0.295 - 0.300 (Nearest short-term peak)
TP2: 0.315 - 0.325 (Retest the region of the highest previous candle wick)
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This article only suggests market information, not an investment call! #DYOR #NFA $POWER
