#SPELLUSDT continuation of the downtrend📉 SHORT BYBIT:SPELLUSDT.P from $0.0009866
🛡 Stop Loss: $0.0010430
⏱ 1H Timeframe
✅ Overview:
➡️ BYBIT:SPELLUSDT.P remains in a downtrend, forming lower highs and lower lows. The price failed to hold above $0.0010000, signaling weak buying momentum.
➡️ POC at $0.0010250 suggests that major volume accumulation is above the current price, reinforcing the bearish outlook.
➡️ If the price stays below $0.0009866, a continuation towards $0.0009485 and $0.0008901 is expected.
➡️ Volume remains moderate, indicating declining demand and a likely continuation of the downtrend.
⚡ Plan:
📉 Bearish Scenario:
➡️ Enter SHORT from $0.0009866 if price confirms rejection at resistance.
➡️ Risk management with Stop-Loss at $0.0010430, above key resistance.
🎯 TP Targets:
💎 TP1: $0.0009485 — first profit-taking level.
🔥 TP2: $0.0008901 — major support zone.
🚀 BYBIT:SPELLUSDT.P Expecting a continuation of the downtrend!
📢 BYBIT:SPELLUSDT.P remains under selling pressure. If the price holds below $0.0009866, further downside movement towards $0.0009485 and then $0.0008901 is expected.
📢 However, if the price reclaims $0.0010430, the bearish scenario could be invalidated, leading to a potential upward correction.
