How an expert professional trader analyzes an altcoinHow should I approach trading ORDI/USDT? To analyze this currency, I've chosen to focus on graphic and classic technical analysis. This involves identifying key points like tops and bottoms, support and resistance levels, graphic patterns, and breakout points.
From this analysis, I've identified a strong support zone between $30 to $25. Additionally, I've observed a bearish flag pattern formed since April 8, 2024, indicating institutional selling pressure. This asset tends to strongly adhere to equal tops and bottoms, leading to significant reversals.
In the short term, there's also a descending wedge pattern, although it broke downwards on April 30, causing panic in the retail market. However, there was a quick V-shaped recovery on May 1, 2024, followed by a retest and rejection within the wedge on May 3.
Currently, the price is approaching a resistance level. According to technical analysis principles, it's ideal to sell at resistance and buy at support. Therefore, now might be a good time to sell towards the support at $25.
It's important to note that the bearish trend is confirmed as long as the price remains below the control zone for the past 38 days since April 2, 2024 , signaling institutional liquidity exit.
There are two ways to approach trading here: either buying and selling within the mentioned support and resistance levels, or buying at the breakout of the control point and selling when it's below.
For those willing to take higher risks, selling from the current $37 to $39 range with a stop above the control point at $42 could be an option. Keep a close eye on these price levels and trade wisely.
Disclaimer: Before proceeding, please note that the following information is based on technical analysis and should not be construed as investment advice. Always conduct your own research and, if necessary, seek advice from a financial professional.
