๐Today the market is taking a breather, and the analysis focuses on the coin GMX, which has broken the line at $54.01 from our previous analysis, triggering a 23% short position. Currently, it's testing support at $44.24, having faked out once and reacted twice.
โ If you opened a short position at $54.01 and haven't taken profit yet, I suggest closing a small portion to secure some gains. If you've taken profit, wait to see how it reacts at $44.24. If it breaks down, expect lower targets; if it holds, consider closing your position to lock in profits.
๐If you don't have an open position, the next trigger is $44.24, which could accompany the next wave. Currently, volume has decreased compared to before, typical for weekends.
โก๏ธThe RSI indicator lacks a precise trigger, but considering the downward momentum on the 4-hour timeframe, opening a position could be warranted. If the price continues to range for an extended period, assess new market structures before opening positions.
๐Note that all downward movements are corrective, and any coin could pump at any moment. If you have confirmation, you can consider longing after the breakout of $48.02.
๐ง ๐ผIt's important to acknowledge the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Always adhere to strict capital management principles and utilize stop-loss orders, ensuring that the initial target offers a risk-to-reward ratio of 2
โ If you opened a short position at $54.01 and haven't taken profit yet, I suggest closing a small portion to secure some gains. If you've taken profit, wait to see how it reacts at $44.24. If it breaks down, expect lower targets; if it holds, consider closing your position to lock in profits.
๐If you don't have an open position, the next trigger is $44.24, which could accompany the next wave. Currently, volume has decreased compared to before, typical for weekends.
โก๏ธThe RSI indicator lacks a precise trigger, but considering the downward momentum on the 4-hour timeframe, opening a position could be warranted. If the price continues to range for an extended period, assess new market structures before opening positions.
๐Note that all downward movements are corrective, and any coin could pump at any moment. If you have confirmation, you can consider longing after the breakout of $48.02.
๐ง ๐ผIt's important to acknowledge the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Always adhere to strict capital management principles and utilize stop-loss orders, ensuring that the initial target offers a risk-to-reward ratio of 2
