$SPK – Rejection at Peak, Correction Phase Loading 📉
Trading Plan: Short $SPK
Entry Zone: 0.0471 – 0.0510
Stop Loss (SL): 0.0585
Take Profit (TP 1): 0.0435
Take Profit (TP 2): 0.0410
Take Profit (TP 3): 0.0395
Market Analysis:
The price recently hit a massive peak at 0.0643 but faced heavy rejection, forming a series of red candles on the 4H timeframe. The RSI(6) has dropped significantly to 52.57, indicating that the previous bullish momentum is cooling off fast.
Currently, the price is struggling to maintain its higher levels, and the MACD lines are beginning to curve downwards, suggesting a potential bearish crossover. The volume is also decreasing on the buy side, showing that the bulls are exhausted. If the price fails to hold the immediate support, we are looking at a slide down toward the 0.0395 zone.
Trade $SPK here 👇
Trading Plan: Short $SPK
Entry Zone: 0.0471 – 0.0510
Stop Loss (SL): 0.0585
Take Profit (TP 1): 0.0435
Take Profit (TP 2): 0.0410
Take Profit (TP 3): 0.0395
Market Analysis:
The price recently hit a massive peak at 0.0643 but faced heavy rejection, forming a series of red candles on the 4H timeframe. The RSI(6) has dropped significantly to 52.57, indicating that the previous bullish momentum is cooling off fast.
Currently, the price is struggling to maintain its higher levels, and the MACD lines are beginning to curve downwards, suggesting a potential bearish crossover. The volume is also decreasing on the buy side, showing that the bulls are exhausted. If the price fails to hold the immediate support, we are looking at a slide down toward the 0.0395 zone.
Trade $SPK here 👇