$VIRTUAL USDT - BEARISH REJECTION & DOWNTREND CONTINUATION! š
Here's a technical analysis of the VIRTUALUSDT chart, suggesting a potential bearish move!
š Current Price: The current price is at $1.9751, showing a clear rejection from a key resistance area.
š Key Levels:
* Resistance:
* Immediate resistance is identified around the $1.9800 - $1.9900 zone, where the price faced strong selling pressure and failed to sustain higher levels.
* A higher resistance can be seen at $2.0263, which is the proposed stop-loss level.
* Support:
* The immediate support is around $1.9500.
* A significant support target is at $1.9011, which acted as a demand zone in the past.
š„ Trade Setup - SHORT:
Given the rejection from resistance and the potential for a downtrend, a short position appears favorable.
* Entry: Consider entering a short position around the current price of $1.9751, or on any retest of the immediate resistance area.
* Targets (TP):
* TP1: $1.9500 (initial support)
* TP2: $1.9011 (main target, aligning with a previous demand zone)
* Stop Loss (SL): Place your stop loss above the recent highs and the resistance zone, around $2.0263, to manage potential upside risk.
ā ļø Risk Management:
Always prioritize risk management! Allocate only a small portion of your capital (e.g., 1-2%) to each trade. Ensure you adhere to your stop-loss to protect your funds. Avoid over-leveraging. Trade wisely! š”ļø
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