The charts are whispering and $MAGIC is looking ready to cast a spell on the markets! We are currently seeing some textbook price action on the hourly timeframe. Here is your deep dive into the setup. ๐ช๐
๐ Technical Breakdown: The Setup
The Channel: MAGIC is currently moving within a descending channel. Weโve tapped the lower boundary and are now eyeing a potential breakout. Watch for a clean break and a retest to confirm the trend reversal. ๐โก๏ธ๐
RSI Cooldown: The Relative Strength Index (RSI) is currently drifting downward. This is actually a good signโitโs clearing out overbought conditions and resetting for the next big push. ๐ฌ๏ธ
Moving Average Magnet: Price is gravitating toward the 100-period Moving Average. We expect some consolidation here before the bulls take back control. ๐ก๏ธ
Rock Solid Support: There is a heavy "Green Zone" of support at 0.0666. This level has acted as a springboard multiple timesโitโs the ultimate safety net for this trade. ๐งฑ
๐ฏ Entry & Exit Targets
Ready to play the bounce? Here are the key levels:
Entry Price: 0.0695 ๐
Target 1: 0.0708 ๐ฏ
Target 2: 0.0723 ๐
Target 3: 0.0742 ๐
Stop Loss: Set it right at the green support zone (around 0.0660) to protect your capital. ๐ก๏ธ
๐ก The Golden Rule: Money Management
Technical analysis gives you the edge, but Money Management keeps you in the game. Never risk more than you can afford to lose, and always trade with a plan. ๐ฐ๐ง
Are you bullish on $MAGIC? Letโs discuss your entry points in the comments below! ๐
