$BASED 🐋
$BASED hit with 3.4x sell volume spike, is this over or just starting?
- With this kind of volume anomaly and steep drop, I expect BASEDUSDT.P could test lower supports first, especially 0.12150 and possibly 0.11207, before any meaningful bounce.
- If you’re looking for a trade setup, a high-probability scenario would be:
- Wait for a weak bounce into 0.12998–0.12450 resistance/supply. If price prints a bearish reversal candle (like a pin bar, bearish engulfing, or clear rejection on lower timeframes), consider entering a short.
- Entry: Around 0.12450–0.12998 on confirmation of rejection.
- Take profit: First target 0.12150, next target 0.11727, final target around 0.11207 if momentum persists.
- Stop-loss: Place above the swing high that forms on that bounce (ideally above 0.13207 or the most recent minor high).
- If price instead flushes directly to 0.12150 or below, watch for a reversal signal (strong pin bar, bullish engulfing, or lower timeframe trend shift) for a potential quick scalp long back toward 0.12450, but only with strong confirmation.
- If price suddenly reclaims and closes above 0.13207 with strong bullish volume, that would invalidate the short setup and suggest a failed breakdown—bias would then shift to bullish, targeting 0.13912 and above.
- Always wait for confirmation—never enter on a single candle! Look for additional signs like declining volume on the bounce, overextension, or classic reversal patterns before executing.
📝 This is not investment advice, only an educational report. Make sure to wait for confirmation—don’t chase price, and always protect yourself with proper risk management!
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#BASED