$MAGIC Overextended: High-Risk Counter-Trend Short Setup
$MAGIC has seen an aggressive rally, surging from 0.0606 to over 0.16 and breaching key resistance levels. Given how vertical this expansion has been, entering long at these levels carries a poor risk-to-reward ratio.
I am monitoring this as a high-conviction, aggressive short setup rather than a guaranteed play.
Short Entry: 0.153 – 0.160
Target 1 (TP1): 0.145
Target 2 (TP2): 0.132
Final Target (TP3): 0.120
Stop Loss (SL): 0.1810
Rationale: If selling pressure emerges near the current peaks, profit-taking could trigger a swift pull-back toward the 0.12 support area. This setup remains valid as long as price trades below 0.1810.
$MAGIC
#STRKRisesAbout20%In24Hours #LedgerPausesCryptoBilisSales
$MAGIC has seen an aggressive rally, surging from 0.0606 to over 0.16 and breaching key resistance levels. Given how vertical this expansion has been, entering long at these levels carries a poor risk-to-reward ratio.
I am monitoring this as a high-conviction, aggressive short setup rather than a guaranteed play.
Short Entry: 0.153 – 0.160
Target 1 (TP1): 0.145
Target 2 (TP2): 0.132
Final Target (TP3): 0.120
Stop Loss (SL): 0.1810
Rationale: If selling pressure emerges near the current peaks, profit-taking could trigger a swift pull-back toward the 0.12 support area. This setup remains valid as long as price trades below 0.1810.
$MAGIC
#STRKRisesAbout20%In24Hours #LedgerPausesCryptoBilisSales