$GMX
Analysis of GMX/USDT (1H Timeframe Chart) & Extremely bearish trend 😱 🟥
🔥 Key Levels:
Support Level: $18.47 (recent lowest point)
Resistance Level: $21.44 (recent high before drop)
🔥 Indicators & Market Structure:
Moving Averages:
MA (5) = $19.63
MA (8) = $19.69
Price is below both MAs, indicating bearish momentum.
🔥 Price Action:
A major dump occurred from $26.09 to $18.47, showing strong selling pressure.
Price made a small recovery but failed to break above $19.77, suggesting weak buying strength.
The downtrend is still intact, and the recent bounce looks like a short-lived relief rally.
✅ Trading Plan:
Position: Short (Sell)
Entry Price: $19.50 - $19.60 (current price area)
Stop Loss: $20.50 (above minor resistance)
Take Profit Target: $18.60 - $18.50 (near support level)
🎯 Final Decision: SHORT Position
Given the strong bearish trend, weak recovery, and inability to break resistance, a short position is the best option. The price is likely to retest the $18.50 support zone.
⚠️ Disclaimer !
This is just educational purpose only always take final decision base on your own research because crypto market is inherited risky & highly Volatile .
