$HEMI/USDT - Crucial Support Test! Here’s My Plan.
Just spotted a critical technical setup on HEMI/USDT. The pair is at a make-or-break point, and volatility is high. Let's break it down.
📊 Chart Analysis (1H Timeframe):
Price Action: Price is consolidating around $0.0143, which is coinciding with the MA60 (orange line). This is a major dynamic support.
Key Levels:
Immediate Resistance: The $0.0146 level (previous MA60 top & local high). A break above could signal a short-term reversal.
Critical Support: The $0.0141 level (24h Low & horizontal support). A decisive close below this is bearish.
Context: The trend is weak, with -14% over 7 days and a massive -74% over 90 days. This is a counter-trend or bounce play, not a trend-following trade.
🎯 My Trade Plan (Aggressive):
This is for a potential bounce from the MA60/Support confluence.
Entry Zone: $0.0142 - $0.0143 (Testing the support).
Stop Loss (SL): $0.0139 (Below the 24h low to account for wicks).
Take Profit Targets (TP):
TP1: $0.0148 (First resistance & minor swing high).
TP2: $0.0153 (Approaching the 24h high zone).
TP3: $0.0158 (Full 24h High retest).
⚠️ Risk Warning:
This is a high-risk play. The higher timeframe trend is down. Volume, while decent, isn't showing massive accumulation. Never risk more than you can afford to lose.
🔍 What to Watch:
Bullish Signal: Strong bullish candle closing above $0.0146 with increasing volume.
Bearish Signal: Break and close below $0.0141. Next target could be much lower.
#HEMI #USDT #TradingView #BukhariTechTips
