$PNUT

Shorting at the price point of 1.545 was almost at the highest point of the day, which is both a victory of technical analysis and a stroke of luck.

After carefully studying the technical charts, I found that the price had reached the upper bound of the ascending channel. This trend line has played an important resistance role in previous rebounds, and this time is no exception. The MACD indicator also started to show signs of divergence. Although the price is still reaching new highs, the momentum is weakening. It is like a car driving at high speed; although it is still moving forward, the sound of the engine is beginning to weaken.

To control risk, I chose low leverage and only opened a position of 2 times. Starting with 150 USDT just 2 days ago, I am fortunate that it is now close to 300 USDT.

Next, I need to set a reasonable take-profit point. After repeated study, I believe that 1.374 is an ideal take-profit point. This price point corresponds not only to the 61.8% Fibonacci retracement level of the previous upward movement, but it is also an important psychological price level.

As my personal trading diary, this is also for everyone's reference, and corrections are welcome.