$IP
IPUSDT — Sharp Rejection at Macro Downtrend Resistance
IPUSDT is trading at $2.270, experiencing a sharp -8.4% intraday rejection after testing the critical $2.50 resistance level. This level aligns with the major macro downtrend line from its all-time high. The monthly rally appears to be a corrective wave within a larger bear market structure, and this rejection signals the correction may be over.
Trade Plan (Short - Trendline Rejection & Reversal)
Entry (Short): $2.27 – $2.25 (on a breakdown below the immediate support and confirmation of the reversal, e.g., a 4H close below $2.26).
Target 1: $2.10 – $2.05 (support from the previous consolidation and the 0.382 Fib of the rally).
Target 2: $1.95 – $1.90 (major support zone and the 0.618 Fib retracement level).
Stop Loss: $2.35 (above the recent swing high and the downtrend resistance).
My View
This is a classic "right shoulder" or failed breakout pattern at a major trendline. The swift rejection on high volume indicates strong selling pressure. The most probable path is a full retracement of the recent monthly rally as the primary bear trend reasserts itself. This is a swing trade for traders with a bearish macro bias. Wait for the breakdown confirmation—a 4H close below $2.25 would be a strong signal to enter.
#IP