Wake up, brothers—what is $SNXXB doing here? I just woke up and saw it turning green all over; the guys holding the bags must be laughing their heads off, while the guys outside are biting their nails because they’re afraid of a wave turning.
Looking at the chart, $SNXXB has some pretty interesting “breathing” patterns. Let me break down for you why you shouldn’t rush to chase the top:
🔹 15-minute chart: MA(20) is sitting at 13.8580, which is higher than the current price (13.3400). This suggests that in the short term, the selling side is creating an extremely uncomfortable resistance pressure.
🔹 1-hour chart: MA(20) is at 13.2900, while EMA(9) has jumped up to 13.5777. This overlap indicates the price is looking for support around the 13.29 area. If this level breaks, the probability of a reversal and a TEST back to deeper support is very high.
Personally, I think this coin is getting hit by too much FOMO on the smaller timeframe. Buying pressure is still there, but it’s starting to lose steam after touching the EMA(9) resistance on the 1-hour chart. Don’t see it green and rush in to provide liquidity for the sharks.
My personal setup for this trade is as follows:
🎯 Position: Light SHORT when price hits resistance.
📌 Entry: Watch around 13.60 - 13.75.
📌 Take profit (TP): 12.80 - 13.00.
📌 Stop loss (SL): When the 15-minute candle closes above 14.10.
I chose to wait for a retracement up and then trade it down, because I feel the buying side is quite worn out at the current price zone. A correction is necessary before going further.
What do you think about this retracement of $SNXXB —does it have enough strength to break past 14$, or will it get watered down by the rain?
#Crypto #Trading #Analysis
Note: This is my personal viewpoint, not investment advice. Trading always comes with risk (DYOR).
Looking at the chart, $SNXXB has some pretty interesting “breathing” patterns. Let me break down for you why you shouldn’t rush to chase the top:
🔹 15-minute chart: MA(20) is sitting at 13.8580, which is higher than the current price (13.3400). This suggests that in the short term, the selling side is creating an extremely uncomfortable resistance pressure.
🔹 1-hour chart: MA(20) is at 13.2900, while EMA(9) has jumped up to 13.5777. This overlap indicates the price is looking for support around the 13.29 area. If this level breaks, the probability of a reversal and a TEST back to deeper support is very high.
Personally, I think this coin is getting hit by too much FOMO on the smaller timeframe. Buying pressure is still there, but it’s starting to lose steam after touching the EMA(9) resistance on the 1-hour chart. Don’t see it green and rush in to provide liquidity for the sharks.
My personal setup for this trade is as follows:
🎯 Position: Light SHORT when price hits resistance.
📌 Entry: Watch around 13.60 - 13.75.
📌 Take profit (TP): 12.80 - 13.00.
📌 Stop loss (SL): When the 15-minute candle closes above 14.10.
I chose to wait for a retracement up and then trade it down, because I feel the buying side is quite worn out at the current price zone. A correction is necessary before going further.
What do you think about this retracement of $SNXXB —does it have enough strength to break past 14$, or will it get watered down by the rain?
#Crypto #Trading #Analysis
Note: This is my personal viewpoint, not investment advice. Trading always comes with risk (DYOR).