Technical Analysis
1. Trend:
• The chart shows a strong bullish recovery, with GAS/USDT increasing by over 32% in the last 24 hours.
• A low of $3.916 was observed, followed by a sharp rebound and consolidation near $6.27.
• The price broke above key resistance levels and is currently in a strong uptrend.
2. Support and Resistance:
• Key support levels: $5.12, $4.68 (recent lows).
• Key resistance levels: $6.53 and the previous high of $7.75.
3. Momentum:
• Strong bullish momentum is evident from large green candles, indicating high buying pressure.
• A minor consolidation after the spike suggests the potential for continuation if the resistance is broken.
Trading Signal
Intraday Long Position
1. Entry Point(s):
• Enter near $6.30-$6.35, as this range aligns with the current consolidation phase.
2. Stop-Loss Placement:
• Place the stop-loss at $5.90, slightly below the recent bullish candle’s low and to allow for minor pullbacks.
3. Take-Profit Target(s):
• First target: $6.75 (near-term resistance level).
• Second target: $7.25 (testing the high from previous resistance levels).
Alternate Plan (Short if Rejected at Resistance)
If the price fails to hold above $6.35, consider a short position:
1. Entry Point(s): Near $6.20-$6.25, once confirmed rejection.
2. Stop-Loss Placement: At $6.55.
3. Take-Profit Target(s):
• First target: $5.80.
• Second target: $5.50.
• Keep Risk To Reward Ratio 1:2 Or Better
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