📉 $ILV Short Analysis 📉
$ILV, also known as #Illuvium, is showing signs of potential strong bearish movement. After breaking down our previous support area in the range of 81.87, it has approached our previous resistance area at 110.47 and is now descending towards breaking down our resistance area at 81.87.
🔍 Reasoning for Short Position:
- The breakdown of the previous support area signals bearish momentum.
- Current resistance area at 81.87 is likely to be breached.
- Stop loss set at 76.13 to manage risk.
📉 Trade Strategy:
- Short Position: We're taking a short position on this pair.
- Target: Anticipating further downward movement.
- Stop Loss: Placed at 76.13 to limit potential losses.
💼 Trade Analysis:
- Entry: Short position initiated after breakdown confirmation.
- Exit: Monitoring for further downward movement.
- Risk Management: Stop loss in place to mitigate potential losses.
📈 Conclusion:
With the breakdown of support and resistance levels, $ILV appears poised for continued bearish movement. Our short position, coupled with effective risk management, aims to capitalize on this trend.
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