$1000CHEEMS Market Analysis & trading set-up :-
Current Price: $0.001835
24h High: $0.002085
24h Low: $0.001822
Market Sentiment: Bearish
Technical Analysis
Parabolic SAR: The SAR dots have shifted above the current price, indicating a bearish trend is forming.
Price Action: The price recently peaked at $0.002183, but significant sell pressure has pushed it down. The steep drop with declining momentum indicates a correction or potential downtrend continuation.
Volume Analysis: Volume has decreased since the peak, suggesting reduced buying strength and potential consolidation or decline.
MACD Indicator: The MACD line is trending below the signal line, confirming bearish momentum.
Spot Trading Set-up
Short Position Entry: Consider shorting if the price breaks below $0.001800 with strong volume confirmation.
Stop Loss: Above $0.001900 to protect against sudden spikes.
Take Profit Targets:
First Target: $0.001622
Second Target: $0.001420
Long Position Entry: Look for a bounce from the $0.001622 support zone with bullish volume confirmation.
Stop Loss: Below $0.001600
Take Profit Target: $0.001900 and above.
Futures Trading Strategy
Short Position (High Risk):
Entry near $0.001850 if bearish momentum continues.
Tight stop loss above $0.001900.
Long Position: Wait for the $0.001622 support zone for confirmation before entering.
Conclusion: With SAR dots above the price, MACD in bearish territory, and a visible correction in progress, the market shows short-term bearish momentum. Traders should consider a cautious short strategy with clear risk management or look for strong support confirmation for a long entry.
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