đ $ENA /USDT Chart Analysis:
đ Key Observations: #ENAUSDTđš
1. đ Rejection from Upper Trendline:
The price got rejected from the upper trendline, indicating strong selling pressure near higher levels.
2. đ Resistance Level:
The $1.14 zone is acting as a major resistance, preventing upward movement.
3. đ Potential Downside:
A short-term pullback seems likely due to the rejection near resistance.
4. đ ïž Support Levels:
The $1.00 trendline could act as a strong support, providing a potential bounce-back area.
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đĄ Trading Insights:
1. đ Short-Term Bearish Sentiment:
Look for bearish candle confirmations near the $1.14 level to consider short opportunities.
2. đ Long Opportunities:
A retest near the $1.00 support could offer an ideal entry point for long positions if bullish signals (e.g., volume spike or reversal patterns) emerge.
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đ Levels to Watch:
đŽ Resistance Levels:
$1.14: Current major resistance.
$1.21: Bull breakout level.
đą Support Levels:
$1.00: Trendline support.
$0.96: Major support zone.
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đŻ Strategy:
1. đ Short Position:
Entry: Below $1.14 resistance after bearish confirmation.
Stop-Loss: Above $1.21.
Target: $1.00 or $0.96.
2. đ Long Position:
Entry: Near $1.00 support with bullish reversal confirmation.
Stop-Loss: Below $0.96.
Target: $1.14 and possibly higher levels.
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â ïž Important Notes:
đ§ Volume: Watch for spikes in volume to confirm the strength of a breakout or breakdown.
đ Market Sentiment: Keep tabs on news or sentiment changes that could impact price action.
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đ Disclaimer:
This analysis is for educational purposes and does not constitute financial advice. Always do your own research and consult with a financial advisor before making trading decisions.