Harmony (ONE/USDT) on the 1-hour timeframe

5 Ağu

Technical Analysis by Blaž Fabjan

Price Action:

The price is currently trading around 0.00928 USDT, showing a slight decline.
The chart indicates a possible downtrend that has been ongoing, but there is a blue arrow suggesting a potential bullish reversal.

Support and Resistance Levels:

Several resistance levels are marked in orange bands, indicating potential selling zones as the price moves up.
The nearest support level is around the current price, with historical data suggesting that price action has interacted with this level multiple times.

Volume:

The volume is relatively steady, with a recent uptick suggesting some buying interest at lower levels.

Indicators:

WMG Cipher & Divergences: Shows a mix of signals, but the green dots at the bottom indicate potential bullish divergence, suggesting a possible upward movement.

RSI (Relative Strength Index): The RSI is at 26.78, which is in the oversold territory, suggesting a potential bounce or reversal.

Stochastic RSI: The Stochastic RSI is also in the oversold area, with a value of 31.87, suggesting the market may be due for a bullish correction.

Overall Sentiment:

The chart suggests a possible end to the bearish momentum with signs of potential bullish reversal. The combination of oversold RSI and Stochastic RSI, along with bullish divergence signals, supports this view.

Trading Plan:
Intraday Trading:
Strategy: Look for a potential bounce from current levels. If the price action shows a bullish reversal pattern (like a hammer or bullish engulfing), consider entering a long position.
Entry Point: Around 0.00928 USDT or slightly above after confirmation of reversal.
Stop Loss: Set a stop loss just below the recent low or below 0.00900 USDT to protect against further downside.
Take Profit: Consider taking profit near the first resistance level around 0.01000 USDT.

Scalping:
Strategy: Capitalize on small price movements within the range.
Entry Point: Enter long positions on pullbacks or near support levels.
Stop Loss: Use tight stop losses, such as 0.00915 USDT.
Take Profit: Aim for quick exits at minor resistance levels, such as 0.00950 USDT or 0.00970 USDT.
Scalping Tips: Monitor the market closely and exit positions quickly when resistance levels are reached or momentum slows.

Swing Trading:
Strategy: Take advantage of the potential medium-term reversal.
Entry Point: Enter a long position if the price confirms a break above the downward trendline and sustains above 0.00950 USDT.
Stop Loss: Set a wider stop loss below the major support level, such as 0.00900 USDT, to allow for price fluctuations.
Take Profit: Target higher resistance levels, such as 0.01100 USDT or 0.01250 USDT, based on the resistance bands.

Conclusion and Advice:
For Long Positions: The indicators suggest a potential bullish reversal, but confirmation is crucial. Wait for clear signs of a reversal before entering a long position. The overall sentiment leans towards a recovery, but risk management is essential.

Risk Management: Use stop losses to protect capital, and consider scaling into positions gradually rather than committing full capital at once.

Advice: Keep an eye on volume and market sentiment for additional confirmation. Be prepared for potential volatility, especially near resistance levels, and adjust your strategy accordingly.