$FORTH /USDT 15-minute chart, there’s a notable price movement worth discussing:
Current Price: $3.491
24h Change: +60.14%
24h High: $5.462
24h Low: $2.144
Trade Analysis:
1. Massive Spike & Retracement: The price surged from around $2.32 to a peak of $5.462, marking over a 140% gain in a very short span (roughly between 19:00 and 19:30 on April 8th). This was followed by a sharp correction, with the price now stabilizing around $3.49, reflecting around 49% of the move being retained.
2. Volume Spike:
FORTH Volume: 14.12M
USDT Volume: 48.56M
This suggests a lot of trading interest and liquidity, likely driven by news, a listing, or some speculative pump.
3. Fibonacci Levels Observed:
Price is currently hovering around the 50% retracement level, which often acts as a decision point in technical analysis. If it holds here, we could see a consolidation or bounce.
If it breaks down further, the next support could be near $2.90 to $3.00.
Trade Ideas:
For Short-Term Traders: Consider watching for consolidation at current levels. A bounce off the 50% level could offer a scalp trade opportunity back toward $4.00+.
For Cautious Traders: Avoid chasing pumps. Wait for confirmation of a base forming. A clean break below $3.30 might suggest further downside.
For Risk-Takers: If you caught the move early, it might be time to lock in profits or at least trail stop-losses tightly.
Want help setting stop-loss or take-profit levels? Or maybe a trading strategy for this setup?
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