$FORM / USDT – Recovering After a Dip? 🤔
$FORM is currently trading at $2.1410, showing a positive recovery of +1.97% today. The 4-hour chart illustrates a recent dip followed by a bounce back above the $2.10 level. This suggests potential buying interest after a short-term pullback.
🧐 Potential Scenarios:
Bullish Reversal:
* Potential Entry: Look for potential long entries on confirmation of a bullish reversal, such as a break above the recent swing high around $2.16-$2.17 with increasing volume.
* Initial Take Profit (TP): Target the 24-hour high of $2.3133.
* Further Take Profit (TP2): Aim for higher targets if the bullish momentum continues.
* Stop Loss (SL): Place your stop loss below the recent low, perhaps around $2.09, to protect against another significant drop.
Continued Consolidation:
* Potential Entry: If price action remains range-bound between $2.10 and $2.17, consider scalping opportunities within this range with tight stop losses.
* Take Profit (TP): Target the opposite end of the range for each trade.
* Stop Loss (SL): Place stop losses just outside the range to avoid being stopped out by volatility.
Bearish Continuation:
* Potential Entry: Consider a short entry if the price fails to hold above $2.10 and breaks down with increasing selling volume.
* Initial Take Profit (TP): Target lower support levels if bearish momentum strengthens.
* Stop Loss (SL): Place your stop loss above the $2.12-$2.13 level to protect against a false breakdown.
⚠️ Outlook:
$FORM is showing signs of recovery, but it's crucial to see if this momentum can be sustained. The 24-hour volume of 2.81M FORM suggests moderate trading activity. Monitor price action around the $2.17 resistance level for a potential breakout confirmation.
#FORMUSDT #Crypto #Trading #TechnicalAnalysis #PotentialReversal