The 0.424 level in EPICUSDT is being swept as we speak, a critical development that's confirming the bearish bias I've been highlighting for days, and it's now clear that the order block zone is being tested.
On a technical level, the high timeframe trend is bearish, with the RSI currently sitting at 28, indicating that we're due for a bounce, but the volume is only at 0.3x, which suggests a lack of conviction from the bulls. The SMC score of 6.1/10 also supports the notion that the bears are in control.
Here are the key levels to watch:
Entry: 0.42400
Take Profit 1: 0.35014, offering a respectable risk to reward ratio of 6.2x
Take Profit 2: 0.23936, with an enticing risk to reward ratio of 15.6x
Stop Loss: 0.43587, a relatively tight stop that limits our exposure to the market.
Given the bearish HTF and the fact that we're shorting from the order block zone, I'm confident that we can reach our target of 0.35014. For those looking to get in, I recommend entering at 0.424 and keeping a tight stop.
Followers, keep a close eye on these levels and remember to always prioritize risk management.
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