Recent Movement: We observed that the price had an upward movement, breaking the 9-period EMA (currently at $2.1714) and testing the region of the 25-period EMA (currently at $2.1856).
Current Level: The price is now at $2.1840, very close to the 25-period EMA, which now acts as an immediate resistance.
Resistances:
25-period EMA: $2.1856. A consistent break above this level may indicate greater upward momentum.
High of the last 24 hours: $2.2548. This is still the main target for a more significant upward move.
Supports:
9-period EMA: $2.1714. Now acting as a short-term support.
Main Support: $2.1166 (minimum in the last 24 hours)(Great re-entry/entry point)
RSI (Relative Strength Index): The RSI has risen to about 61, indicating an increase in buying pressure and approaching the overbought zone. This suggests that the upward momentum is gaining strength, but also warns of a possible correction soon.
The volume appears to have increased on the bullish candle that broke the 9-period EMA, which is a positive sign for the continuation of the move.
Possible Updated Buy Scenario (Long):
Considering the break of the 9 EMA and the proximity of the 25 EMA, the buying strategy can be adjusted:
Entry Point:
Immediate Entry (Moderate Risk): At the current price ($2.1840), taking advantage of the upward momentum with a well-defined Stop Loss.
Entry on Confirmation (Lower Risk): Wait for a clear break with volume of the 25-period EMA ($2.1856) before entering.
Stop Loss (SL):
For immediate entry: Position slightly below the 9-period EMA, for example, at $2.1700.
For entry on confirmation: Position slightly below the 25-period EMA, for example, at $2.1840 (protecting the entry).
Take Profit (TP):
TP1: Near the high of the last 24 hours ($2.2500 - $2.2550).
TP2: Look for higher resistance levels, analyzing longer time frames (possibly in the region of $2.30).
Updated Important Considerations:
Break of the 25 EMA: The key to a stronger upward move is the consistent overcoming of the 25-period EMA. Watch the volume on this break.
RSI: Monitor the RSI for signs of overbought. If it reaches very high levels, it may indicate a short-term correction.
Risk Management: Keep your Stop Loss firm and do not take unnecessary risks.
If you have any more questions or need anything else, let me know!
