The 4H trend looks bullish, but currently, it is pulling back from a key supply zone.
The price encountered strong resistance and was rejected around $4.4, forming a local top. This price action indicates that the buying momentum is weakening on smaller time frames (like 1H/15m). We can infer that the 1H RSI indicator may have pulled back from the overbought zone and faced resistance below the 50 level, which is a bearish signal. The price is also likely to have broken below the key short-term EMA moving average, confirming a shift in the short-term trend. Therefore, entering a short position now is a high-probability trade, as we are making a pullback trade after a clear rejection at a resistance level, targeting the liquidity/demand zone below.
Current executable trading strategy (short)
Entry: Market price 4.218
TP1: 4.000
TP2: 3.854
TP3: 3.461
SL: 4.520
$PIEVERSE
$YALA
