$MAGMA Market Update.
Looking at the 1H timeframe, the market is showing a lot of confusion. One candle wipes out almost all the gains, while the next candle attempts to recover them.
However, looking at the overall picture, the price has already dropped further while I was preparing this update. The current price is $0.31916, and it has broken my level.
I would never consider opening a short position here. Instead, I'll be looking for a potential long opportunity. I haven't found a good pattern or entry zone yet, but I'm still watching for one.
If you want to take a long position from here, keep your Stop Loss below $0.281. You can set the minimum target according to your preference, but I would recommend keeping $0.32180 as the final target.
Make sure to follow proper risk management before entering the trade.
Looking at the 1H timeframe, the market is showing a lot of confusion. One candle wipes out almost all the gains, while the next candle attempts to recover them.
However, looking at the overall picture, the price has already dropped further while I was preparing this update. The current price is $0.31916, and it has broken my level.
I would never consider opening a short position here. Instead, I'll be looking for a potential long opportunity. I haven't found a good pattern or entry zone yet, but I'm still watching for one.
If you want to take a long position from here, keep your Stop Loss below $0.281. You can set the minimum target according to your preference, but I would recommend keeping $0.32180 as the final target.
Make sure to follow proper risk management before entering the trade.
