SRM/USDTPERP Potential Downward Movement

SRM/USDTPERP Long-Term Trend: Bearish

Key Resistance Levels: 3.170, 3.893, 3.900

Key Support Levels: 2.606, 1.955, 1.900

Daily Chart:

The price on the higher time frame managed to break the strong support (now resistance) around the 3.170 USDT mark. This shows that the sellers overwhelmed the buyers especially that the breakout came along with several daily bearish candlesticks below the strong support.

SRM/USDTPERP Medium-Term Trend: Bearish

4-Hours Chart:

On the lower time frame, the coin posted a head and shoulders pattern near the resistance which shows that the price is about to reverse. The neckline is broken, we expect a higher correction to this horizontal line before an impulsive wave to the downside.

Signal Idea:

Sell Limit Order @ 3.016

TP 1 @ 2.615

TP 2 @ 1.955

Stop Loss @ 3.146

Trade Safely 🙂