$INIT /USDT - Short-Term Bearish Setup Formingđđđ
Current Price: $0.7768
Timeframe: 1H & 4H Charts
Chart Breakdown:đ
$INIT is showing short-term weakness after an aggressive upward rally, as seen by a clean rejection from the $0.90 resistance zone. Currently, price action has broken below the 20 EMA on the 1H chart and is holding just above short-term support.
Trend Signal & Pattern Formed:đđ
4H Timeframe shows a potential local top and early signs of bearish momentum.
1H RSI is deeply oversold (near 0), signaling exhaustion and possible relief bounce, but confirmation lacking.
No bullish reversal structure yet â momentum remains with sellers.
Why Bearishđ€đ„
Failure to hold $0.80 support after a parabolic rise.
Lower highs and lower lows on the intraday chart.
Weak bounce attempts indicate buyers are losing strength.
Strategy Plan (Short Bias):đ§âđ»
Short Entry Zone: $0.80 â $0.83 (if minor pullback occurs)â
Target-1: $0.72đŻ
Target-2: $0.65đŻ
Stop Loss: $0.86 (above previous lower high)
Risk-to-Reward: ~1:2.5
Note: Wait for consolidation or another lower high formation to confirm entry â avoid chasing the drop.
Trade Smart:đ§âđ«
Let the market come to you â donât chase volatility. Stick to your levels and observe volume shifts.
Disclaimer:â ïž
This is not financial advice. Please DYOR (Do Your Own Research) before trading.
