📉 $MLK BEARISH CONTINUATION: Sellers in Control! 📉
The market structure for $MLK is flashing a clear warning sign. After a brief relief bounce, the price has faced a Lower High rejection, suggesting that the downward momentum is far from over. If you are looking for a high-probability setup, the bears currently have the upper hand.
🔍 Technical Breakdown:
1H Chart Analysis: MLK is trapped in a short-term downtrend. We are seeing a series of lower highs and lower lows. The resistance zone between $0.05680 – $0.05700 has held firm, forcing a price rollover.
Indicator Alerts: * MACD: The histogram is shifting bearish (red) on the shorter timeframes (1m/15m), showing a loss of buying pressure.
RSI: Currently sitting in "no man's land" but trending downward, leaving plenty of room for a drop toward oversold territory.
SuperTrend: The price is trading below the SuperTrend resistance, confirming the bearish sentiment.
Critical Level: The $0.05880 mark is our "line in the sand." As long as the price stays below this level, the path of least resistance is down.
🎯 The "Alpha" Trade Plan:
This is a Short/Sell setup based on the rejection at resistance.
Entry Zone: $0.05600 – $0.05680
Stop Loss (SL): $0.05880 (Crucial to protect capital if the trend shifts)
Take Profit Targets:
💰 TP1: $0.05450 (Initial support)
💰 TP2: $0.05300 (Intermediate target)
💰 TP3: $0.05150 (Major downside extension)
💡 Final Verdict:
The bounce was weak, and the rejection was strong. Watch the $0.05450 support level closely—if it breaks, expect an accelerated move to the downside. Stay disciplined and always manage your risk!
Will MLK hold the support, or are we heading for a deeper correction? Let me know your thoughts in the comments! 👇
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