The price $NEXO made a sharp rebound from the extreme low of $0.610, indicating the presence of active buyers at lower levels. It is now consolidating, attempting to establish support above the key fast EMA(7) ~$0.701. The main challenge is to overcome strong resistance in the range of $0.727 - $0.735, where there is a cluster of older moving averages. The RSI indicator has aligned in the neutral zone, leaving room for growth.
Plan for the breakout resistance scenario (Long):
Entry (Long): $0.715 - $0.725. Entry in the zone after confirming a hold above EMA(7) and at the first signs of an attack on the level $0.727.
Goals:
TP1: $0.760 (the first significant target on the way to 4H EMA(99)).
TP2: $0.785 (testing the previous local maximum as resistance).
Stop-loss (SL): $0.685. Clearly below the consolidation level and EMA(7), which would indicate a loss of short-term upward momentum.
A bounce from the bottom deserves attention, but the true strength of buyers is tested at the first serious resistance.
In your opinion, what will be the best confirmation for entry: a price hold above $0.720 on a 4-hour close or an increase in volume on the next upward impulse?