DEGOUSDT - SHORT BIAS AMID WEAK CRYPTO MARKET CONDITIONS

Mar 13

Symbol - DEGOUSDT

CMP - 1.970

DEGOUSDT attempted to break its prevailing trend but encountered significant resistance and was further impacted by a weak cryptocurrency market. The downward movement may persist.

Following the breakout from the descending channel's resistance, a bullish momentum of 45% was established. However, the price faced strong resistance between 2.110 and 2.180, resulting in the formation of a trading range. Sellers are determined to maintain control over this zone and exert pressure. After a prolonged battle for this level, a false breakout of resistance occurred, leading to liquidation when the 2.000 support level was breached. Buyers are now in a state of panic. Should the price remain below the 2.110 - 2.180 range, a further decline in the short to medium term is likely.

Resistance Levels: 2.000, 2.180, 2.274
Support Levels: 1.750, 1.584, 1.359

The overall market remains weak, with altcoins reacting strongly to Bitcoin's short-term fluctuations. This behavior suggests that the market is accumulating liquidity in anticipation of a further decline. Bitcoin has yet to reach its key target, and the absence of a bullish catalyst continue to place downward pressure on altcoins.

Mar 20

Trade active

Testing 2.000 resistance, Short position active.

Mar 26

Note

CMP 1.880

Holding short position with cost SL.

Mar 30

Trade closed: target reached

First target 1.752 reached.

-12% fall from my short level.

Apr 3

Note

CMP 1.500
Both targets reached.

-25% fall from my short level.