People who thought it was stable just a couple of days ago must be having a pretty rough time today. $ENA is down 8.27% in a day, trading at 0.1265—just a hair above its 24-hour low of 0.1261, with the RSI already down to 18.5.
Those holding it are probably caught in a bind right now: sell, and the RSI of 18.5 suggests the drop has been both sharp and relentless, making it hard to stomach selling at the bottom; hold, and if 0.1261 breaks, it will hit a new low, with no meaningful support below.
So I wouldn’t chase a short at this price. I’d wait to see what happens if it rebounds to around the 24-hour midpoint of 0.1344. The risk is completely different at a different entry point.
Direction: Watch for a short, but don’t chase one now. Reference range: 0.1265–0.1344; wait for a rebound to around 0.1344 before reassessing. Invalidation level: above 0.1427. Target: 0.1178. Risk level: high. Assuming an entry near 0.1344, the loss at the invalidation level would be about 0.0083, while the gain at the target would be about 0.0166, for a risk-reward ratio of about 2.0.
Would you take a shot at this risk-reward ratio, or would you rather let it pass?
For reference only; not investment advice. Please manage your position size.
$ENA
#ENA #TradingOpportunity
Those holding it are probably caught in a bind right now: sell, and the RSI of 18.5 suggests the drop has been both sharp and relentless, making it hard to stomach selling at the bottom; hold, and if 0.1261 breaks, it will hit a new low, with no meaningful support below.
So I wouldn’t chase a short at this price. I’d wait to see what happens if it rebounds to around the 24-hour midpoint of 0.1344. The risk is completely different at a different entry point.
Direction: Watch for a short, but don’t chase one now. Reference range: 0.1265–0.1344; wait for a rebound to around 0.1344 before reassessing. Invalidation level: above 0.1427. Target: 0.1178. Risk level: high. Assuming an entry near 0.1344, the loss at the invalidation level would be about 0.0083, while the gain at the target would be about 0.0166, for a risk-reward ratio of about 2.0.
Would you take a shot at this risk-reward ratio, or would you rather let it pass?
For reference only; not investment advice. Please manage your position size.
$ENA
#ENA #TradingOpportunity