STORJUSDT 4H TF - BullishKey Observations:
1. Downtrend Breakout:
The price broke out of the descending trendline, signaling potential bullish momentum.
Post-breakout, the price is consolidating above the previous resistance (now support) near $0.4482.
2. Support Levels:
$0.4482: Immediate support zone where the breakout occurred.
$0.4300–$0.4400: Strong demand zone (highlighted in blue) that previously held the price.
3. Resistance Levels:
$0.5013: Significant resistance; if breached, the price may test $0.5539.
$0.5539: A major resistance zone from previous highs.
4. Current Price Action:
The price is testing $0.4583, trying to establish a higher low.
Bulls need to defend $0.4482 to maintain momentum.
Potential Scenarios:
Bullish Case:
If the price holds above $0.4482, it may retest $0.5013.
A breakout above $0.5013 could lead to a move toward $0.5539.
Bearish Case:
A rejection near current levels and a drop below $0.4482 could lead to a retest of the blue demand zone.
Losing the $0.4300 zone would invalidate the bullish breakout.
Trading Plan:
Entry:
Look for long positions near $0.4482, with tight stop-losses below $0.4400.
Targets:
$0.5013
$0.5539
Stop-Loss:
Below the blue zone at $0.4300 to manage risk.
