$FXS
$FXS Technical Update: Is the Bottom Near? 📉🚀
The FXS/USDT pair is currently showing a significant correction after hitting a local high of 1.060. Currently trading at 0.850, the price has dropped over 5% in the last 24 hours. Here is what the technicals are telling us:
🔍 Technical Breakdown:
Support Zone: The price is approaching the lower Bollinger Band (0.826). This area often acts as a springboard for a short-term relief rally.
KDJ Indicator: The 'J' line is sitting at an extreme low of 0.524. This suggests the asset is heavily Oversold, and a trend reversal could be just around the corner.
RSI (41.7): There is still a bit of room to the downside, but we are entering the "Value Zone" for buyers.
MACD: The bearish momentum is still active, so it's wise to wait for a green histogram candle before jumping in.
📈 My Trade Idea:
Entry Watch: Looking for a bounce between $0.820 - $0.835.
Targets: First resistance sits at $0.903 (Middle BB), followed by $0.980.
Stop Loss: A daily close below $0.815 would invalidate this setup.
Final Thought: The market is cooling off, but FXS is reaching a level where the risk-to-reward ratio looks attractive for a scalp trade.
Stay disciplined and always use a Stop Loss! 🛡️
What’s your move on $FXS? Buying the dip or waiting for lower? Let me know below! 👇
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