MOVEUSDT SPOTLong
MOVE/USDT: Breakout Watch at Descending Resistance
This is my technical analysis for MOVE/USDT on the 4-hour timeframe. The price is currently trending downwards, respecting a descending resistance line I’ve drawn, which connects multiple swing highs in the recent price action.
Key observations:
Resistance Line: The trendline is clearly acting as resistance, with multiple touches confirming its validity. A breakout above this line could signal a reversal in trend.
Support Zone: The support level around $0.60 has held well so far. If the price continues to respect this support, we could see a breakout attempt in the near term.
Volume: Volume has been steadily declining, suggesting that the market is consolidating. A volume spike at the trendline could confirm the breakout or breakdown.
RSI Divergence: The RSI is showing a potential divergence, hinting at weakening bearish momentum.
Trade Idea:
Bullish Scenario: If the price breaks above the trendline with strong volume, I will target the next resistance zone around $0.70–$0.75. My stop loss for this trade will be just below $0.60, in case the support fails.
Bearish Scenario: If the price breaks below the $0.60 support, the next target could be $0.50. I will wait for confirmation before entering a short position.
I’m setting alerts at both the trendline and the $0.60 level to monitor the movement closely.
Key observations:
Resistance Line: The trendline is clearly acting as resistance, with multiple touches confirming its validity. A breakout above this line could signal a reversal in trend.
Support Zone: The support level around $0.60 has held well so far. If the price continues to respect this support, we could see a breakout attempt in the near term.
Volume: Volume has been steadily declining, suggesting that the market is consolidating. A volume spike at the trendline could confirm the breakout or breakdown.
RSI Divergence: The RSI is showing a potential divergence, hinting at weakening bearish momentum.
Trade Idea:
Bullish Scenario: If the price breaks above the trendline with strong volume, I will target the next resistance zone around $0.70–$0.75. My stop loss for this trade will be just below $0.60, in case the support fails.
Bearish Scenario: If the price breaks below the $0.60 support, the next target could be $0.50. I will wait for confirmation before entering a short position.
I’m setting alerts at both the trendline and the $0.60 level to monitor the movement closely.
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