$BLUAI Looks Bearish! 📉
BLUAI just hit a major resistance level and the price action is showing signs of exhaustion. After that massive spike, we're seeing a clear rejection on the 4H chart, making this a prime setup for a scalp short.
The momentum is shifting, and if we break the immediate support, we could see a deep retracement.
Trade Setup (Short)
Entry Zone: 0.00790 – 0.00820 ⛔
Stop Loss (SL): 0.00900 ⚠️
🎯 Take Profit Targets (TP)
0.00725 (First major hurdle)
0.00680 (Securing gains)
0.00600 (The ultimate goal)
🔍 Technical Insights
Resistance Rejection: Price action has made contact with the 0.011 level and has since retreated. Note that a long upper wick has formed.
RSI Divergence: On lower time frames, the RSI is currently paring off from its overbought position.
Volume: A minor dip in buying volumes is being observed on the 4H candles.
Risk Warning: Crypto markets are volatile! Please manage your risks and do not over-leverage your positions. This is just a personal opinion and not financial advice..