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$HOLO USDT BEARISH OUTLOOK ⚠️
Technical Analysis:
The HOLO/USDT pair has shown a clear rejection of a key resistance level, as indicated by the long wick on the last candle, forming a bearish pin bar. This signals strong selling pressure at this price point. The price has been unable to break and sustain above the $0.3900 level, which now acts as a significant resistance. The chart also displays a potential double-top pattern, which is a bearish reversal pattern, with the price failing to create a new high after a previous attempt. The overall momentum appears to be shifting to the downside. 📉
Key Levels:
* Current Price: $0.3895
* Resistance: The immediate resistance is a key zone around $0.3900 - $0.3910. A strong rejection from this area confirms the bearish sentiment.
* Support: The primary support level to watch is $0.3850. A break below this level could lead to a significant downward move.
Trade Setup: Short Position ⬇️
* Entry: A short entry can be considered around the current price of $0.3895, or on a retest of the resistance zone at $0.3900.
* Take Profit (TP):
* TP1: $0.3870 (at the previous swing low)
* TP2: $0.3850 (at the main support level)
* TP3: $0.3820 (if the support is broken)
* Stop Loss (SL): A tight stop loss should be placed just above the resistance at $0.3915 to mitigate risk.
Risk Management:
Always practice proper risk management. Use a small portion of your total capital for this trade, typically no more than 1-2%. Ensure your stop loss is in place to protect your capital from unexpected market moves. 🛡️
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