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Bearish sell signal on price $SKL USDT
— The sharp rise has ended, it's time to take profits!
After a vertical breakout from the consolidation area around $0.0213-$0.0220, the price of $SKL USDT surged with massive trading volume to the $0.0255 area. However, this equivalent rise now shows signs of exhaustion. A high wick rise and sharp vertical increase often indicate a potential pullback - especially after this rapid increase of about 20% in a short time span.
🔻 Trading Setup: Sell Position
• Entry Area: $0.02530 - $0.02560
• Take Profit Targets:
‣ TP1: $0.02390
‣ TP2: $0.02260
‣ Stop Loss: $0.02620
‣ Margin: 2-3% of portfolio
‣ Leverage: 10x
📉 Market Outlook:
The SKLUSDT pair is currently experiencing overextension after breaking out of a tight range. Expect short-term selling pressure and profit-taking that may bring it back to previous resistance levels that have turned into support. An ideal setup for quick and effective sell trades.
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