$PROM: Resistance Test Fails: Bearish Momentum Building Fast
SHORT SETUP PROM
Entry: $5.0900 - $5.1030
Stop Loss: $5.2800
Take Profit: $4.7295 (2R)
Key Levels: Support $5.0200 | Resistance $6.1230
Technical Analysis for $PROM: Price sits below EMA9, EMA21, EMA50 and EMA200, confirming a downtrend. MACD is negative with a widening histogram and ADX above 40 shows strong momentum. RSI and Stochastic are oversold, offering a possible bounce but the bearish EMA stack dominates. Risk: a firm hold above EMA9 could stall the move. Watch for a break above 5.12 for a possible reversal.
Market Context: BTC is down 0.45% on the 24hour chart and the overall market is broadly negative, supporting downside pressure on altcoins.
SHORT $PROM
SHORT SETUP PROM
Entry: $5.0900 - $5.1030
Stop Loss: $5.2800
Take Profit: $4.7295 (2R)
Key Levels: Support $5.0200 | Resistance $6.1230
Technical Analysis for $PROM: Price sits below EMA9, EMA21, EMA50 and EMA200, confirming a downtrend. MACD is negative with a widening histogram and ADX above 40 shows strong momentum. RSI and Stochastic are oversold, offering a possible bounce but the bearish EMA stack dominates. Risk: a firm hold above EMA9 could stall the move. Watch for a break above 5.12 for a possible reversal.
Market Context: BTC is down 0.45% on the 24hour chart and the overall market is broadly negative, supporting downside pressure on altcoins.
SHORT $PROM
