PEAQ has been in a brutal downtrend, dropping 87% within 92 days and printing 9 straight weekly red candles, with the 10th currently red as it trades below the weekly open. Now, price is attempting to stabilise around the key $0.10 level, hinting at a potential high-probability long trade setup.
Key Levels to Watch:
Technical Confluences Supporting the Trade:
Long Trade Setup
Additional Play:
If price reclaims $0.11 with strong volume, look for order flow confirmation to add to the position. The move towards $0.12+ could be quick, as there's little resistance in between.
This setup offers a strong risk-reward ratio, making it an attractive trade with minimal downside and high upside potential. Watch for bullish momentum above $0.11, as that could confirm a stronger push to the weekly open at $0.128.
Key Levels to Watch:
- Support: $0.10 (Price has been trying to hold this level for two days.)
- Resistance: $0.11 (A reclaim of this level increases the probability of a move higher.)
- Major Resistance: $0.1260 – $0.1280 (Weekly open + bearish order block.)
Technical Confluences Supporting the Trade:
- The Fib retracement from $0.1337 to $0.0989 shows that the 0.786 Fib level ($0.1263) aligns with the bearish order block from the previous trading range.
- The weekly open at $0.128 strengthens the take-profit zone, making it a logical exit point.
- Price has failed to break below $0.10, signaling a possible accumulation phase.
Long Trade Setup
- Entry: Around $0.10
- Stop Loss: Below $0.0989 (Tight SL for minimal risk)
- Take Profit Target: $0.1260 (Right before key resistance)
- Risk-to-Reward (R:R): 17:1 🚀 (Risking only 1.5% to potentially gain 25%)
Additional Play:
If price reclaims $0.11 with strong volume, look for order flow confirmation to add to the position. The move towards $0.12+ could be quick, as there's little resistance in between.
This setup offers a strong risk-reward ratio, making it an attractive trade with minimal downside and high upside potential. Watch for bullish momentum above $0.11, as that could confirm a stronger push to the weekly open at $0.128.
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Mastering Fibonacci for precision trading
🔹 Sharing high-probability trade setups 🔹
⚡ Unlock the power of technical analysis! ⚡
🔹 Sharing high-probability trade setups 🔹
⚡ Unlock the power of technical analysis! ⚡
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.