🚨 $XMR Bullish but overbought, I'd consider a short for reversal anticipated due to overbought confluence
Price Action & Key Levels:
The rally from 531.56 (24h low) to 646.85 (24h high) represents a 21.7% move, exhausting bullish momentum.
Multiple rejections near 646-647 resistance (visible in 1h candles) confirm selling pressure.
Critical support confluence at 618.52 (S1) aligns with MA5 (634.63) and MA10 (623.59), making it a key level.
Recent 1h candles show declining volume (35.42K to 3.54K) during the rally, indicating weak participation near highs – a divergence.
Capital Flow: Strong 4H net inflow (+2.42M USDT) supports bullish bias, but significant 24H outflow (-5.59M USDT) and 3D outflow (-20.33M USDT) suggest larger-timeframe distribution.
Entry short $XMR : Ideal short entry near current resistance 642-647 USDT with bearish confirmation (1h close below 640).
Alternative: Wait for pullback to 618-625 support for long entry if held with bullish reversal signs.
Stop Loss: 662 USDT for short trade
Target Price $XMR : 618 USDT, extending to 591.5 (next support zone) if broken.
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