$SPELL ELL/USDT Bearish Opportunity
Rejection from Key Resistance:
$SPELL faced strong rejection from the $0.00006400 supply zone, confirming a failed breakout and initiating a short-term bearish trend.
Trade Setup:
Entry (Short): $0.00005900 - $0.00005850
Take Profit: $0.00005500, $0.00005200
Stop Loss:$0.00006250
Market Outlook:
The rejection signals a momentum reversal, with bears in control. Unless SPELL regains $0.00006400 with strong volume, downside continuation is likely. Consider trailing stop to secure profits once below $0.00005600.
Trading Strategy:
Short the rejection, manage risk with a tight stop, and secure gains on the dip.
