SXPUSDT: Is a Bull Trap on the Horizon?
Attention, $SXP traders! We are seeing an interesting setup that could indicate a downward movement.
🔴 The Key Divergence:
While the majority of retail accounts (approximately 80%) are in Long (expecting a rise), price and volume suggest otherwise:
The selling Taker volume (red) has prevailed in recent movements, indicating strong selling pressure in the market.
Price remains below the moving averages (MA7, MA25, and MA99) on the 15-minute chart, confirming an underlying bearish trend.
Although there was a small bounce, price action has remained weak and consolidating downward, which could be a bull trap before a continuation of the decline.
Possible Short Strategy:
➡️ Entry: Watch the area of 0.1730 - 0.1735 USDT.
🎯 Targets (TP): 0.1700 / 0.1680 USDT.
🛡️ Stop Loss (SL): Above 0.1745 USDT.
⚠️ This is not financial advice. Do your own research (DYOR) and manage your risk.