STRAX Technical Analysis: Hot Bull Run Requires Caution
Currently, STRAX is showcasing a strong bullish wave structure across both timeframes. On the 15m chart, the price is above the MA(20) at 0.0133 and EMA(9) at 0.0137, confirming that the short-term bullish trend is still intact. On the 1h chart, there is a clear positive divergence as the price holds at 0.0139 compared to the MA(20) at 0.0100 and EMA(9) at 0.0123, indicating that buying pressure is fully in control of the game.
Regarding the range, the current strong support level is established around the 0.0123 - 0.0133 area, which is a convergence zone between the moving averages. If the price stays above these levels, the likelihood of a breakout continues to be very high. However, with a volatility of over 65% in 24h, one must be cautious of a potential local correction to retest previous support zones.
Trading Plan:
For the LONG side: avoid FOMO at the current price range. Wait for a pullback to test the 0.0130 - 0.0133 zone to establish a safe position. Set a tight stop-loss just below the support area on the 1h chart.
For the SHORT side: only consider entry when there is a fakeout signal at higher resistance levels or when the price breaks below the EMA(9) on the 15m chart. This is a high-risk top-ticking trade, requiring strict capital management.
The market is extremely euphoric; focus on risk management rather than trying to guess the top.
$STRAX #crypto #trading #priceaction #ptkt
Note: This is a personal opinion and not investment advice. Please be cautious with your trades (DYOR).
Currently, STRAX is showcasing a strong bullish wave structure across both timeframes. On the 15m chart, the price is above the MA(20) at 0.0133 and EMA(9) at 0.0137, confirming that the short-term bullish trend is still intact. On the 1h chart, there is a clear positive divergence as the price holds at 0.0139 compared to the MA(20) at 0.0100 and EMA(9) at 0.0123, indicating that buying pressure is fully in control of the game.
Regarding the range, the current strong support level is established around the 0.0123 - 0.0133 area, which is a convergence zone between the moving averages. If the price stays above these levels, the likelihood of a breakout continues to be very high. However, with a volatility of over 65% in 24h, one must be cautious of a potential local correction to retest previous support zones.
Trading Plan:
For the LONG side: avoid FOMO at the current price range. Wait for a pullback to test the 0.0130 - 0.0133 zone to establish a safe position. Set a tight stop-loss just below the support area on the 1h chart.
For the SHORT side: only consider entry when there is a fakeout signal at higher resistance levels or when the price breaks below the EMA(9) on the 15m chart. This is a high-risk top-ticking trade, requiring strict capital management.
The market is extremely euphoric; focus on risk management rather than trying to guess the top.
$STRAX #crypto #trading #priceaction #ptkt
Note: This is a personal opinion and not investment advice. Please be cautious with your trades (DYOR).