$MAGMA is starting to look overheated right where I’d expect sellers to show up. 👀📉
Price has pushed straight into the 4H supply zone around $0.50 to $0.52 after a strong run, and this is the area where I’d rather look for a short than chase fresh longs.
I’m watching $0.522 as the DCA area, with invalidation above $0.546.
If this supply holds, I think $0.460 comes first, followed by $0.430 and potentially $0.400 if momentum really unwinds.
Longs look crowded here. I’m leaning bearish from this zone.$MAGMA
Price has pushed straight into the 4H supply zone around $0.50 to $0.52 after a strong run, and this is the area where I’d rather look for a short than chase fresh longs.
I’m watching $0.522 as the DCA area, with invalidation above $0.546.
If this supply holds, I think $0.460 comes first, followed by $0.430 and potentially $0.400 if momentum really unwinds.
Longs look crowded here. I’m leaning bearish from this zone.$MAGMA
