The daily/4H trend looks bullish, but it is currently in a correction phase, with prices forming a descending structure in a lower time frame. This pullback presents a potential opportunity to re-enter long at lower levels.
The main entry trigger point is **the RSI on the 15-minute chart**. After the price sharply fell to a low of $11.991, the RSI entered the oversold zone. We now see the RSI rising and attempting to **break above the 50 midline**. Once the RSI successfully stands above 50, it will be a strong signal for short-term momentum to shift from bearish to bullish. Furthermore, prices need to regain the EMA(7) and EMA(25), which act as direct resistance, to confirm the sustainability of the rebound.
Now is a high-probability entry setup, as we are buying near a pullback low in a potentially larger upward trend. The recent surge in volume at the recent lows may indicate exhaustion of selling pressure, creating conditions for a price reversal. This is a typical oversold rebound trade, aiming to return to the key moving average resistance levels.
Actionable Setup (Long)
Entry: Market price 12.095
TP1: 12.17
TP2: 12.25
TP3: 12.40
SL: 11.95
