๐ฅ $SPELL /USDT BEARISH TRADE SETUP! ๐ฅ
๐ Current Price: $0.0009331 (+5.87%) โ Price surged but is now showing signs of exhaustion!
๐ Market Analysis:
$SPELL saw a strong bullish push but faced sharp rejection at $0.0009750, forming a wick on higher timeframes, indicating seller dominance. The rejection suggests a possible pullback before the next potential move.
๐ Key Levels to Watch:
Resistance Zone: $0.0009500 - $0.0009750 (Failed breakout area)
Support Zone: $0.0009200 (Immediate support)
Major Support: $0.0008800 - $0.0008700 (Stronger demand area)
๐ Short Entry Strategy:
๐น Entry Zone: $0.0009400 - $0.0009500 (Sell on retest of resistance)
๐น Stop Loss: $0.0009800 (Above rejection wick to avoid fake-outs)
๐ฏ Profit Targets:
โ TP1: $0.0009200
โ TP2: $0.0009000
โ TP3: $0.0008800
๐ก Trade Rationale:
Strong resistance rejection at $0.0009750.
Bearish divergence forming on lower timeframes.
High volume spike followed by price rejection, signaling weak bullish momentum.
๐ Risk Management:
This trade offers a strong risk-reward ratio, capitalizing on the pullback after the rally. Keep an eye on the $0.0009400 - $0.0009500 zone for a potential short entry! ๐๐ฅ
SPELLUSDT
Perp
0.0009439
+7.32%
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