NA Long Liquidation Report
A long liquidation of ENA worth $7,878.6 occurred at the price of $0.82043. This means a large position was closed at this level, signaling potential market volatility. Traders are now looking for the next move. Here’s a detailed breakdown:
What Could Happen Next?
Market Reaction:
If $0.82043 is a critical support level, the price could bounce back and move higher.
If this level fails, further downside movement might occur, creating new opportunities to buy lower.
Market Sentiment:
A long liquidation usually suggests panic or forced selling.
However, it can also indicate a potential reversal if strong buyers step in.
Suggested Trading Strategy
Buy Zone
Look to enter between $0.7700 and $0.8000. This area could act as a strong support zone where buyers might be waiting.
Target Levels
Target 1: $0.8500 (Short-term resistance)
Target 2: $0.9000 (Major resistance and psychological level)
Target 3: $0.9500 (If momentum strengthens)
Stop Loss
Place a stop loss at $0.7500. This ensures you limit losses if the price breaks below key support.
Key Points to Watch
Volume: Monitor trading volume. A spike in buying activity near the buy zone signals strong support.
Market News: Check if any updates about ENA or related markets could influence price.
RSI & Trendlines: Ensure indicators confirm oversold conditions or a potential reversal.
Risk Management
Only risk 1-2% of your total capital per trade.
Adjust your position size according to the stop-loss distance.
Conclusion
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