$MAGIC USDT distribution at the top
Current price: 01320
SHORT SETUP
Entry: 01398 to 01639 (strong resistance)
First target: 00930
Second target: 00675
Stop-loss: 01700
Analysis
A candle with a very long wick at 01639 indicates price rejection.
A drop from 01639 to 00930 would be a 43% correction.
RSI at 68, near the overbought level of 70.
After a 32% rise, profit-taking is needed.
A break below 00930 confirms a deeper correction.
Manage your capital and stick to the stop-loss.
Current price: 01320
SHORT SETUP
Entry: 01398 to 01639 (strong resistance)
First target: 00930
Second target: 00675
Stop-loss: 01700
Analysis
A candle with a very long wick at 01639 indicates price rejection.
A drop from 01639 to 00930 would be a 43% correction.
RSI at 68, near the overbought level of 70.
After a 32% rise, profit-taking is needed.
A break below 00930 confirms a deeper correction.
Manage your capital and stick to the stop-loss.