Precise Technical Analysis for BANANAS31 (Potential Scenarios)
The currency is currently in a consolidation area between support and resistance. Trading can be based on two main scenarios:
Scenario One: Buy after breaking the peak (for risk-takers)
This scenario depends on the continuation of the upward wave.
Entry Zone (Buy Zone):
Enter after closing a full hourly candle above the resistance level of 0.01700$. Do not enter before confirmation.
Take Profit:
First target (TP1): 0.01800$ (near psychological target).
Second target (TP2): 0.01950$ (next potential resistance area).
$BANANAS31
Stop Loss:
0.01620$. If the price returns below the breakout level, it means the breakout was false.
Scenario Two: Buy at correction and drop to support (more cautious)
This scenario assumes that the price will correct before continuing to rise.
Entry Zone (Buy Zone):
Wait for the price to drop and show signs of a rebound (strong green candle) at the support area between 0.01400
and 0.01450 and 0.01450 and 0.01450
$BANANAS31
Take Profit:
First target (TP1): 0.01550$ (return to the midpoint of the current area).
Second target (TP2): 0.01650$ (test the current range top).
Stop Loss:
Close of an hourly candle below 0.01380$. Breaking this support may lead to a deeper drop.
$BANANAS31
Summary:
Do not make a decision in the middle. Either wait for the breakout upwards and enter, or wait for the drop to support and enter. Capital management and strict stop loss are the most important factors when dealing with this currency.