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PEOPLE/USDT (Futures) Potential Downward Movement

PEOPLE/USDT (Futures) Long-Term Trend: Bearish

Key Resistance Levels: 0.08739, 0.10513, 0.12033.

Key Support Levels: 0.07386, 0.06415, 0.05545.

1-Hr Time Frame:

The price on the higher time frame failed to break the strong resistance level around the 0.0880 USDT mark where it left a fake breakout. The market succeeded to break the bullish trendline to the downside which is an another indication that the sellers are taking control of the market.

PEOPLE/USDT (Futures) Medium-Term Trend: Bearish

15-Mins Time Frame:

On the lower time frame, the buyers became sellers once they fell into the trap above the resistance zone. This led to a sell pressure where the market now is in a new trend to the downside. A correction could be seen to the resistance zone before a new bearish impulsive wave toward the target profits.

Sell Market Order @ 0.08493

TP 1 @ 0.07386

TP 2 @ 0.06415

Stop Loss @ 0.09039

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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