$AUCTION
AUCTIONUSDT — Rejection from Key Resistance, Testing Breakdown Level
AUCTIONUSDT is trading near $6.829, after being rejected from the $7.50 - $8.00 resistance zone and breaking below the $6.87 support. Price is now retesting this broken level from below, which often acts as new resistance, suggesting potential for further downside.
Trade Plan
Entry (Short): $6.85 - $6.95 (On a retest of the broken support, now resistance)
Target 1: $6.25 (Immediate swing low support)
Target 2: $5.80 (Next key support and measured move target)
Stop Loss: $7.15 (Above the resistance zone and recent high)
My View
AUCTIONUSDT shows a clear rejection from higher resistance and has broken its local structure. A retest of the $6.87 breakdown level offers a favorable short entry with a tight stop for a move toward the $6.00 area. A reclaim above $7.15 would negate the bearish setup.
