ME/USDT Short Trade Idea

Current Price: $1.696

Trade: Short

Entry: $1.680 - $1.720

Stop Loss: $1.780

Take Profit Targets:

$1.650 (TP1)

$1.610 (TP2)

$1.570 (TP3)

Rationale:

ME is encountering resistance between $1.720 and $1.780, with signs of rejection. Increasing bearish momentum suggests sellers are active at these resistance levels. A break below $1.680 may lead to further downside movement towards the stated targets.

Trading Strategy:

It is recommended to wait for a confirmed break below $1.680 before entering a short position. A retest of this level as resistance, followed by rejection, would further strengthen the short signal.

Risk Management:

Implement appropriate position sizing and strictly adhere to the stop-loss level to manage risk.

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