🚨 ESP/USDT Short Setup: Major Rejection at Resistance! 📉
Trade Setup:
Direction: SHORT 🔴
Entry: Current Market Price (CMP) around 0.07525
Stop Loss (SL): 0.08477 (Just above the recent local highs)
Take Profit (TP): 0.05265 (Targeting the major support zone)
Technical Analysis & Trade Logic:
Looking at the 4-hour chart for ESP/USDT, we can see a clear bearish setup playing out:
Resistance Rejection: Price aggressively tested the major overhead resistance zone (marked by the red box around 0.09000) and faced a harsh rejection. This confirms strong selling pressure in that area.
Bearish Momentum: After the double-top-like formation at resistance, the momentum has clearly shifted. We are seeing strong, high-volume red candles on the 4H timeframe, indicating the bears are in control.
Clear Downside Target: The chart shows a massive void below current prices. Our logical target is the previous demand zone/support line (marked by the blue dashed line around 0.05265), where buyers previously stepped in.
Risk to Reward: Entering here provides a solid R:R ratio. The stop loss is safely tucked above the recent structure high, protecting us if it decides to re-test the resistance, while leaving plenty of room to the downside for our take profit.
Mindset Check: Remember, discipline is more important than strategy. Stick to your stop loss, don't over-leverage, and manage your risk! 🧠💸
Let me know your thoughts on this setup in the comments! Are you going short or looking for a bounce? 👇
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