$CETUS After looking at the chart, I can definitely provide you with technical analysis; however, please keep in mind that I am just a human and not a financial advisor, so the final trading decision should always be yours. Currently, there has been a tremendous pump in this 1-hour chart of CETUS, and suddenly the volume has also increased significantly. The price broke through its upper Bollinger Band, which is at 0.02050, and rose up to 0.02154. Whenever the price moves this far outside the upper band, it indicates that the market has become overbought for a short time, and a slight correction may occur due to profit booking, as we are currently seeing in the form of a small red candle.
If we talk about resistance, the new high it has made at 0.02154 is your immediate resistance, and until the price properly closes above it in a one-hour candle, a new breakout is somewhat difficult. Looking towards support, the first good support is forming near the middle Bollinger band at approximately 0.01940. If the market goes below that, there is another strong support zone around 0.01886 from where this upward movement started.
Buying at the very top after such a sudden large pump is always quite risky because people tend to buy out of FOMO, and then when the price drops a bit, losses start to appear. Therefore, new buyers often wait for the price to cool down a bit and come to the support level before entering. Conversely, if someone has already bought at a lower price, selling a portion at such a large pump to book profits can be a sensible step. By the way, do you generally prefer to do intraday trading with such coins or hold them for a few days?
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If we talk about resistance, the new high it has made at 0.02154 is your immediate resistance, and until the price properly closes above it in a one-hour candle, a new breakout is somewhat difficult. Looking towards support, the first good support is forming near the middle Bollinger band at approximately 0.01940. If the market goes below that, there is another strong support zone around 0.01886 from where this upward movement started.
Buying at the very top after such a sudden large pump is always quite risky because people tend to buy out of FOMO, and then when the price drops a bit, losses start to appear. Therefore, new buyers often wait for the price to cool down a bit and come to the support level before entering. Conversely, if someone has already bought at a lower price, selling a portion at such a large pump to book profits can be a sensible step. By the way, do you generally prefer to do intraday trading with such coins or hold them for a few days?
#BinanceAI