📉 $SYRUP /USDT - Short-term Setup Near Resistance Area
The $SYRUP pair shows signs of exhaustion after a slight bounce, as the price faces strong resistance between $0.67 and $0.59. The four-hour chart displays lower highs and a decrease in trading volume - which warns of another downward wave if support is broken.
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🟥 Short Entry Area:
$0.6700 - $0.5900 USD
🎯 Take Profit Targets (TP):
1. $0.5500 USD
2. $0.5100 USD
3. $0.4680 USD
4. $0.4200 USD
5. $0.3850 USD or more
🛑 Stop Loss (SL):
$0.6850 USD (above the last swing high)
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📊 Technical Notes:
The Relative Strength Index is trending downward despite price stability - hidden bearish divergence
The price is testing the previous breakdown area
A bearish crossover of the Exponential Moving Average (EMA) on the four-hour timeframe has formed
Failure to reclaim the $0.67 level indicates weakness
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📝 Note: Confirmation of a drop below the $0.5900 level with increased trading volume will confirm the continuation of the bearish trend. Be cautious if Bitcoin rallies strongly, as altcoins may follow.
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