The price action of Pi Network against Tether (USDT) in the hourly timeframe presents a complex picture, characterized by recent changes in market structure and key levels of interest. After a notable Break of Structure (BOS) upward around April 23, the price reached a potential Premium zone, finding a Weak High. This rejection led to a Change of Character (CHOCH) downward, indicating a possible shift in short-term momentum.
Currently, the price remains close to the Equilibrium level, a critical area that could dictate the next move. Below, a Strong Low and a Discount zone offer potential support, while above, the Equilibrium High (EOH) and the Premium zone represent significant resistance. Recently, another Change of Character (CHOCH) upward has occurred, suggesting a possible renewed bullish interest.
Possible Trade Position:
Given the recent bullish CHOCH and the price remaining close to Equilibrium, a cautious long position could be considered. The entry could be placed near the Equilibrium level (around 0.6482), with a stop-loss below the recent low (potentially within the Discount zone for added safety). The initial target could be the Equilibrium High (around 0.6600), with a more ambitious target at the Weak High (around 0.6800).
However, traders must exercise caution. The market structure has shown recent volatility, and the lack of maintenance of the Equilibrium could lead to further declines towards the Strong Low. Confirmation of bullish momentum with strong volume above the Equilibrium High would increase confidence in a long position.
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