Identification of Resistance at 8.39 USDT:
You have identified a significant resistance at 8.39 USDT, where the price has repeatedly failed to close above. This is a potentially bearish signal.
Failure to Close Above the Resistance:
The fact that the price failed to close a candle above this resistance strengthens the idea of possible downward pressure.
Confirmation in 1-Hour and 15-Minute Timeframes:
Confirmation in shorter timeframes (1 hour and 15 minutes) reinforces your analysis. It suggests that the resistance at 8.39 USDT is robust across different time scales.
Profit Target at 7.94 USDT:
You have decided to take profits at 7.94 USDT. Ensure that this decision is based on previous support levels or other technical indicators. It's crucial to set profit targets and stop-loss levels before entering a position.
Risk Management:
Always incorporate a risk management strategy into your trading plan. Determine the amount you are willing to lose on this trade and adjust your position size accordingly.
Continuous Monitoring:
Stay vigilant for changes in the market. If the price approaches your profit target, closely monitor for any signs of reversal or consolidation.
Keep in mind that trading carries risks, and it is recommended to exercise caution by using stop-loss orders and risking only an amount you can afford to lose. Additionally, consider consulting other technical indicators or news that might impact the market before making a final decision.
You have identified a significant resistance at 8.39 USDT, where the price has repeatedly failed to close above. This is a potentially bearish signal.
Failure to Close Above the Resistance:
The fact that the price failed to close a candle above this resistance strengthens the idea of possible downward pressure.
Confirmation in 1-Hour and 15-Minute Timeframes:
Confirmation in shorter timeframes (1 hour and 15 minutes) reinforces your analysis. It suggests that the resistance at 8.39 USDT is robust across different time scales.
Profit Target at 7.94 USDT:
You have decided to take profits at 7.94 USDT. Ensure that this decision is based on previous support levels or other technical indicators. It's crucial to set profit targets and stop-loss levels before entering a position.
Risk Management:
Always incorporate a risk management strategy into your trading plan. Determine the amount you are willing to lose on this trade and adjust your position size accordingly.
Continuous Monitoring:
Stay vigilant for changes in the market. If the price approaches your profit target, closely monitor for any signs of reversal or consolidation.
Keep in mind that trading carries risks, and it is recommended to exercise caution by using stop-loss orders and risking only an amount you can afford to lose. Additionally, consider consulting other technical indicators or news that might impact the market before making a final decision.