According to GPS analysis, it appears that a supply zone has formed, from which the price has already experienced a drop once. Currently, the price is retracing back toward this supply area, presenting a potential opportunity for a short position.
We are looking for confirmation to enter a short trade within the red-colored zone. The main target for this move could be the green-colored area, although we have also marked shorter-term targets directly on the chart for more tactical exits.
It is important to note that if a daily candle closes above the red zone, this scenario will be invalidated, and traders should reconsider their positions accordingly.
This setup highlights the significance of supply and resistance levels in guiding entries and exits, emphasizing disciplined risk management while waiting for confirmation signals before committing to a trade.
If you have a coin or altcoin you want analyzed, first hit the like button and then comment its name so I can review it for you.
This is not a trade setup, as it has no precise stop-loss, stop, or target. I do not publish my trade setups here.
