INJUSDT at daily support, long favorable as bounce is likely
Updated
Here is a long trade idea for INJUSDT. The price has hit the daily support. This support I believe will hold for a while at least and provide some bounce favoring a long trade. The price has currently bouncing from the top of the support zone. However, its possible that the price will tap further into that zone. I will allocate some size here and some later when the price dips into that zone deeper. There are two resistances on the way up which are relevant for this trade. One is hourly resistance HR1 and another one is 4h resistance 4HR1. I think hourly will resist the price but will give the way for the price to move up to the 4h resistance after a bit of struggle there. Therefore, some profit booking at that hourly resistance is recommended. And if everything goes as planned then the price should hit 4h resistance 4HR1 and in turn concluding our long trade idea. Lets see how it goes.
Note
The price bounced according to olur expectation from the daily support zone. Our first target was hourly resistance zone and the price headed there nut shied away a bit from hitting it. The price then reversed from there and landed again in the daily support zone deeper. I thought the hourly will give the way to price to head towards 4h resistance after some struggle. However, it sent it back the price lower but still in the support range. I could book some profit around LTFR which was formed and established after the price moved up and got resisted there at first attempt. Rest of the position dropped at break even. Now I am long again from the bottom of this support zone.Trade closed: target reached
This trade finally concludes. The price dipped below the bottom of the daily support zone soon after bouncing from there which was also my entry. However, the trade got saved and the price reversed going beyond the target and spiking to the daily resistance DR1. The price got rejected from there and currently trading around 4h resistance 4HR1 which was also our target.
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