$INIT quick breakdown and trade setup today 💯
Chart Summary:
• Current Price: $0.7569 (up 9.71%)
• 24h High: $0.7593 (just touched)
• 24h Low: $0.6806
• Indicators:
• Stoch RSI: Overbought (100.0000) — strong momentum, but caution for potential pullback.
• RSI(6): 78.55 — near overbought
• RSI(12): 69.13 — nearing overbought
• Volume spike is notable — potential breakout confirmation.
• Key Resistance: $0.7633
• Key Support: $0.7286
Trade Setup (Intraday / Scalping):
✅ Bullish Scenario (Momentum Continuation):
• Entry: On breakout and 15-min candle close above $0.7633
• Target 1: $0.7800
• Target 2: $0.7950 (stretch target)
• Stop-loss: Below $0.7450
⚠️ Bearish Scenario (Rejection & Pullback):
• Short Entry: If price fails to break $0.7633 and forms a bearish engulfing or pin bar
• Target 1: $0.7286 (local support)
• Target 2: $0.7113 (next support)
• Stop-loss: Above $0.7650
🔎 Notes:
• Price just tested the 24h high, and RSI values are nearing overbought on all timeframes — strong rally but getting frothy.
• Watch for volume confirmation on breakout; low volume = likely fakeout.
• If in doubt, wait for a retest of support ($0.7286) and bullish confirmation before entering long.
