$NEXO /USDT โ Downtrend Channel Continuation Trade Setup ๐ฏ
$NEXO is moving within a clear descending channel, respecting both the upper and lower trendlines. The recent price action shows rejection from the upper boundary, indicating the downtrend may continue.
Setup: Short Position (Trend Continuation)
Entry Zone: 1.298 โ 1.305
Take Profit Targets:
TP1: 1.285
TP2: 1.275
TP3: 1.220
Stop Loss: 1.317 (above the channel resistance and recent swing high)
Technical Outlook:
The market structure favors sellers. Lower highs and lower lows remain intact. If the price fails to break above the resistance zone, a continuation toward lower support levels is likely. Ideal setup for trend-following traders using confirmation signals.
