$INIT: Strong Rejection at Trendline Resistance: $INIT Short Entry
SHORT SETUP INIT
Entry: $0.12650 - $0.12700
Stop Loss: $0.13150
Take Profit: $0.11725 (2R)
Key Levels: Support $0.13192 | Resistance $0.14751
Technical Analysis for $INIT: The chart shows a clear bearish bias. Price sits below EMA9, EMA21 and EMA50, while the MACD line is under its signal and the histogram is negative. Stochastic K (55) is under D (72), indicating down momentum, and ADX at 33 confirms a strong trend. Momentum favors a short move toward the nearby support at 0.12646.
Market Context: BTC is in a bearish 4hour trend, down 4.7% on the day, while the broader market shows a positive breadth (71% green).
SHORT $INIT
SHORT SETUP INIT
Entry: $0.12650 - $0.12700
Stop Loss: $0.13150
Take Profit: $0.11725 (2R)
Key Levels: Support $0.13192 | Resistance $0.14751
Technical Analysis for $INIT: The chart shows a clear bearish bias. Price sits below EMA9, EMA21 and EMA50, while the MACD line is under its signal and the histogram is negative. Stochastic K (55) is under D (72), indicating down momentum, and ADX at 33 confirms a strong trend. Momentum favors a short move toward the nearby support at 0.12646.
Market Context: BTC is in a bearish 4hour trend, down 4.7% on the day, while the broader market shows a positive breadth (71% green).
SHORT $INIT