FXS rises and falls, how to play this wave?
Just looked at the FXS/USDT trend, after rising to 3.2886 it retraced, and is now oscillating around 3.2406, the long and short game has begun!
Looking at the market:
Trend: After breaking through the previous high, it encountered resistance and fell back, MA7 moving average has flattened, and it has entered a short-term oscillation and consolidation, we need to watch the breakout direction in the 3.23 - 3.25 range.
Volume: Increased volume during the rise, decreased volume during the fall, indicating that the bullish advance faced resistance, but the bearish side has not completely taken control, funds are on the sidelines.
Key levels: 3.23 is support (if broken, look for 3.20), 3.25 is resistance (if broken, look for 3.30 for continued rise).
Operation suggestions:
Spot traders: Don’t panic if holding positions, first watch for a breakout of the range, add positions if it breaks 3.25, reduce positions if it breaks 3.23.
Contract traders: Sell high and buy low within the range, lightly short near 3.25, lightly long near 3.23, chase a one-sided trend after a breakout.
Onlookers: Wait for a clear breakout of the range before entering, don’t blindly catch the bottom or chase the rise.
FXS is now entering a critical game period, keep a close eye on 3.23 - 3.25, follow the breakout direction to profit~
