$COLLECT | Strong rejection at resistance and potential selling opportunity
After a clean upward movement, $COLLECT faced a clear rejection near the level of 0.0538, indicating strong resistance hindering further upward movement. On smaller time frames, the price has started to record lower highs, an early signal of a shift in momentum from buyers to sellers.
This type of rejection after an upward surge typically leads to a downward correction, especially with the price gradually losing strength and failing to hold above the pivotal area. If trading continues below the level of 0.0500, the likelihood of extending negative movement increases with greater control by sellers.
Trade Setup (SHORT):
Entry Area: 0.0490 – 0.0500
Stop Loss: 0.0540
Downward Targets:
TP1: 0.0470
TP2: 0.0440
TP3: 0.0400
Conclusion:
Weak structure accompanied by strong rejection = Suitable selling opportunity within the current trend.
Buy and Trade👇
$COLLECT
