$PROM Just Finished Free Fall! ๐คฏ Where to Go Now?
Hello trader friends! ๐ I'm currently checking the PROM/USDT chart on the 4-hour timeframe. Wow, this PROM just fell quite deep! ๐
Important Points I've Found:
- The trend is still very downward! Just had a sharp BOS (Break of Structure) downwards. The selling pressure was incredibly strong yesterday! ๐จ
- There's a supply area or strong resistance around $5.20-$5.40. If PROM tries to rise there, it seems like it will bounce back again. ๐งฑ
- The trading volume yesterday was huge during the drop, indicating a lot of panic selling. It's quiet now, like PROM is resting after a marathon! ๐ด
- The RSI is trying to rise from the oversold area, but the momentum isn't very strong yet. This could just be a temporary bounce. ๐
Optimistic View โจ:
If PROM can hold in the temporary demand area ($4.40-$4.50) and significant buy volume comes in, it might retest around $4.70. But this is still just hope! ๐
Cautious View โ ๏ธ:
The downward trend is still very dominant. If this bounce fails to break the resistance, get ready for PROM to look for new lows again. So, be very careful! ๐ฅถ
Conclusion:
PROM is currently in a strong bearish phase. For those who want to trade, it's better to be patient or look for selling opportunities if there's a retest to the resistance area. Don't rush to enter a buy position!
Come on, share your opinions in the comments section! ๐
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