$PEOPLE USDT 1H - Short Post
Bias: Short favored, but very close to oversold zone
Reasons:
- Price 0.00654 below all three MAs: MA(7) 0.00658, MA(25) 0.00665, MA(99) 0.00680. Downtrend is clear.
- RSI(6) 31.94: Very close to oversold 30. A small bounce could occur from here, but the trend is still bearish.
- Structure: Dropped from 0.00707 to create a low of 0.00648. The bounce didn't even reach MA(25) and dumped back = sellers are strong.
- Bigger trend: 30D -13.15%, 90D -34.73%. Major trend is down. The bounce of +3.48% over 7D now looks to be failing.
Key Levels:
- Short: If it breaks the low of 0.00648, the next target is 0.00640, then 0.00630. Entry around 0.00658 on rejection at MA(7). SL above 0.00666 at MA(25).
- Long: Only a risky counter-trend scalp. If it holds 0.00648 and takes back 0.00658 at MA(7), the target is 0.00665. SL at 0.00647.
Summary: Structure and MAs are aligned with short. Fresh short is risky due to RSI being oversold. Best to either wait for a break of 0.00648 or look for shorts in the 0.00658-0.00665 zone.
This is a technical reading. Do not trade without proper risk management.
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