After a strong upswing of the coin $DEXE and testing it at levels close to 36.95, clear signals began to appear on the chart indicating the exhaustion of buying momentum and the start of bear control. For traders looking to seize correction opportunities, a sell trade (Short) appears to be a strategic option at this time based on the technical data.
โ๐ Technical justifications for the trade:
โโBollinger Band Wall Collision: The price touched the upper Bollinger Band, a level that often acts as a strong dynamic resistance, pushing the price to bounce back toward the mean (middle line).
โโBearish Cross: On the StochRSI indicator, we notice a clear downward cross, confirming the exit of buying liquidity and the start of a profit-taking wave.
โโReversal Price Action: The latest candles on the 4-hour timeframe showed long upper wicks, indicating the marketโs rejection of further upside and the buildup of selling pressure.
โโ๐ฏ Details of the proposed trade setup:
โโTrade type: Sell / Down (Short)$DEXE
๏ปฟโโProposed entry zone (Entry): The current levels between 35.50 - 36.00
โโโโTake Profit (TP):โโFirst target: 31.16 (aiming for the middle line of the Bollinger Bands indicator).
โโSecond target: 27.66 (previous support zones).
โโStop Loss (SL): Close a 4-hour candle above the most recent high, and preferably place it at 37.50 to protect capital in case of a false breakout (Fakeout).
โโ๐ก Important risk management tip:
Crypto markets are highly volatile. Make sure to use leverage appropriate for your portfolio size, and donโt risk more than 1% to 2% of your capital in this trade.
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