Is $ON a Bull Trap or a Golden Opportunity at $0.45375 resistance? 🚀🔥
ON — SHORT SETUP 🔴
📉 Entry Zone: $0.4460 – $0.4520 (On retest / rejection)
🛑 Stop Loss: $0.4580 (Above recent high)
🎯 TP 1: $0.4180
🎯 TP 2: $0.3920
🎯 TP 3: $0.3660
My Analysis & Strategy:
4H RSI (84.5) & 1H RSI (76): Extremely overbought. Momentum remains strong, but price is stalling near the $0.45375 resistance.
Risk Management: Never chase a Long at the top, and don't blindly Short a strong trend without confirmation. Wait for a clear rejection at the entry zone and use smaller position size since this is a counter-trend trade.
Alternative Plan: If a 4H candle closes ABOVE $0.4540 with volume, this Short setup is invalidated and we switch to Long continuation.
Discipline always beats emotion. Manage your risk!
Will buyers break past $0.4540, or is a pullback coming?
ON — SHORT SETUP 🔴
📉 Entry Zone: $0.4460 – $0.4520 (On retest / rejection)
🛑 Stop Loss: $0.4580 (Above recent high)
🎯 TP 1: $0.4180
🎯 TP 2: $0.3920
🎯 TP 3: $0.3660
My Analysis & Strategy:
4H RSI (84.5) & 1H RSI (76): Extremely overbought. Momentum remains strong, but price is stalling near the $0.45375 resistance.
Risk Management: Never chase a Long at the top, and don't blindly Short a strong trend without confirmation. Wait for a clear rejection at the entry zone and use smaller position size since this is a counter-trend trade.
Alternative Plan: If a 4H candle closes ABOVE $0.4540 with volume, this Short setup is invalidated and we switch to Long continuation.
Discipline always beats emotion. Manage your risk!
Will buyers break past $0.4540, or is a pullback coming?