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$MEME/USDT TECHNICAL ANALYSIS
Short Trade Signal
Trade Setup:
Short Outlook of Market:
Looking at the chart, price got smacked down hard at 0.002875 resistance. No mistake about it. A bearish engulfing candle formed right there, with bigger selling volume than usual. Interesting pattern.
Price dropped below the MA60. Not good for bulls. This moving average is now like a ceiling, keeping price down. It seems the bears are taking control for now.
Lower zones will likely be tested soon. Maybe today. Maybe tomorrow. The volume profile backs this up - showing distribution happening, not accumulation. That’s telling.
Might see some bounces here and there. Markets rarely move straight down. But the technical structure looks pretty bearish for the short term. Just look at the pattern.
Risk-reward looks solid for shorts. Kind of surprising we’re seeing such a clear setup in this timeframe. Worth taking advantage of while it lasts.