$USELESS : BEARISH MOMENTUM GAINS STRENGTH AFTER 24H HIGH REJECTION
Short Trade Signal
Technical Analysis:
The 15-minute chart shows that $USELESS USDT has rejected the 24-hour high of 0.4229, forming a local peak. The price is currently trading around 0.4079, below the upper Bollinger Band (BOLL: 20, 2) which indicates a potential reversal from an overextended move. The downward-sloping candles, which are now below the 9 EMA (yellow line), suggest a shift in short-term momentum to the downside. The strong green candle after the dip to 0.3592 has been fully retraced, indicating selling pressure has absorbed the buying.
Trade Setup:
• Entry (Short): $0.4070 - $0.4085 (Around current price after confirmation of local resistance)
• TP1 (Target 1): $0.3905 (Approx. MB/Middle Bollinger Band and previous support)
• TP2 (Target 2): $0.3800 (Psychological level and potential next support)
• SL (Stop Loss): $0.4235 (Just above the 24h high of 0.4229)
Short Outlook of Market:
The market is showing signs of exhaustion following the strong parabolic move over the past 24 hours. A healthy correction is anticipated as traders take profits from the high. The immediate outlook suggests bearish pressure until the price re-tests the Middle Bollinger Band. A break below the MB (0.3905) could accelerate the move towards the lower band (0.3431).