$MUBARAK - SHORT Setup
Entry: 0.0162 – 0.0165 (On a rejection after retesting the breakdown level/resistance zone)
Target 1:0.0154 (24h Low)
Target 2:0.0150
Stop Loss:0.0168 (Above the key swing high)
My View:
MUBARAK is in a clear and strong downtrend,down over 80% in 180 days. The price is currently in a weak consolidation bounce after another breakdown. This bounce is approaching a major resistance zone between $0.0162 and $0.0165, which aligns with previous support levels and the recent breakdown point. The chart shows a series of lower highs, and the momentum remains bearish. The order book indicates more selling pressure than buying above the current price. The high-probability strategy is to short into this relief rally, anticipating a continuation of the primary downtrend towards the recent lows. Wait for a clear rejection candle for confirmation.
Bias: Bearish below $0.0165. A break and hold above $0.0168 would be needed to reconsider.
Disclaimer:My plan. Not advice. Trade your own risk.
#MUBARAK