$COW / USDT – Potential Reversal or Further Decline? 🤔
$COW is currently trading at $0.2966, experiencing a significant -4.72% drop today. The 4-hour chart shows a sharp downward move after testing the $0.3189 high. This could signal a potential reversal or continuation of the bearish trend.
📉 Potential Short Trade Setup (Confirmation Needed):
* Current Price: $0.2966
* Potential Entry: Consider a short entry on a confirmed break below the $0.2933 (24-hour low) level.
* Initial Take Profit (TP): $0.2900 (targeting the next potential support level).
* Further Take Profit (TP2): $0.2850 (if bearish momentum persists).
* Stop Loss (SL): Place your stop loss above a recent swing high, around $0.3000 - $0.3030, to protect against a false breakdown and subsequent upward movement.
⚠️ Outlook:
The strong bearish momentum today, coupled with the rejection at the recent high, suggests potential for further downside. However, it's crucial to wait for confirmation of a break below the $0.2933 level before entering a short position. Alternatively, if price action shows signs of recovery and breaks back above $0.3000, a bullish scenario could be in play. Exercise caution and manage your risk carefully.
