📈GMX: Support and Short Opportunities🔒
🔍Today 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.
✅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.
📉If 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.
⚡️The 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.
🔑Note 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.
🧠💼It'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
✅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.
📉If 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.
⚡️The 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.
🔑Note 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.
🧠💼It'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
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