$ENS /USDT trade setup.
Current Market Overview:
Price: $18.48 (up by 1.93%)
24h High: $20.42
24h Low: $18.02
Volume (ENS): 935,583.51 ENS
Volume (USDT): 17.99 million
Moving Average (MA60): $18.59
Technical Breakdown:
Recent Price Movement: The price is currently up 1.93%, suggesting some positive momentum.
Support and Resistance Levels:
Support: Around $18.02 (24h low)
Resistance: Around $20.42 (24h high)
Current Price: $18.48, sitting just below the support level, indicating potential for both a continuation or reversal.
Potential Trade Setups:
Range Trading:
Buy near $18.02 (support) with a target near $20.42 (resistance).
Sell near $20.42 or use a trailing stop if the price moves upward.
Stop Loss: Below $18.02 to limit downside risk.
Breakout Strategy (if price breaks above resistance):
Buy if the price breaks above $20.42 with strong momentum and volume.
Target: Next potential resistance levels around $21 or $22.
Stop Loss: Set below $19.50 to manage risk in case the breakout fails.
Short Position (if price drops below support):
Sell if the price falls below $18.02 (break of support).
Target: Next support levels around $17.50 or $17.
Stop Loss: Above $18.50 to protect against a rebound.
Indicators:
MA60: The 60-period moving average at $18.59 suggests a neutral to slightly bullish trend, with the price close to this level.
Volume: The volume is relatively low, indicating that the market is consolidating, and a move could occur with increased trading activity.
Next Steps:
Monitor for Breakouts: Watch for price action near the $20.42 resistance or $18.02 support. A breakout above resistance could signal further upside, while a breakdown below support could lead to a bearish trend.
Use Stop-Losses: Set stop-loss orders at key levels like $18.02 to avoid large losses if the price reverses.
Would you like to explore advanced indicators or additional setups to refine this strategy further?
Follow for more updates
#BinanceAlphaPoints #BinanceHODLerSIGN #EthereumFuture #Write2Earn! #ENS/USDT✅✅✅✅✅