SRM/USDTPERP Long-Term Trend: Bearish
Key Resistance Levels: 3.170, 3.893, 3.900
Key Support Levels: 2.606, 1.955, 1.900
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
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.
Sell Limit Order @ 3.016
TP 1 @ 2.615
TP 2 @ 1.955
Stop Loss @ 3.146
Trade Safely 🙂