๐ Market Observation:
Current Movement: PYTH is approaching a significant area of interest where previous resistance levels could turn into support.
Fibonacci Level: The 0.618 Fibonacci level aligns with this area of interest, adding to its significance.
Strategy: Dollar-Cost Averaging (DCA) will be utilized to accumulate positions as price enters the support zones.
๐ Trading Plan:
Buy Zones: Look to initiate buy positions in two areas of interest: around $0.57 and $0.80.
Take Profit: Target profit areas are set around $1 and $1.80, allowing for potential gains as price reacts to the support zones.
Stop Loss: Implement a stop-loss strategy to manage downside risk, with a daily close below $0.50 serving as a signal for potential trend reversal.
Current Movement: PYTH is approaching a significant area of interest where previous resistance levels could turn into support.
Fibonacci Level: The 0.618 Fibonacci level aligns with this area of interest, adding to its significance.
Strategy: Dollar-Cost Averaging (DCA) will be utilized to accumulate positions as price enters the support zones.
๐ Trading Plan:
Buy Zones: Look to initiate buy positions in two areas of interest: around $0.57 and $0.80.
Take Profit: Target profit areas are set around $1 and $1.80, allowing for potential gains as price reacts to the support zones.
Stop Loss: Implement a stop-loss strategy to manage downside risk, with a daily close below $0.50 serving as a signal for potential trend reversal.
