"Analysis of SNX: Approaching the Final Support of Its Life"🕵️♂️ Let's dive into analyzing SNX Coin. We'll update our previous analysis and check for new triggers.
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🛒 Buying Coins in Crypto:
From my perspective, buying coins in cryptocurrency shouldn't be about investing all your capital at once. As we approach a potential bull run, we should first analyze the project and events surrounding it.
Similar to trading in futures, we need an active trigger. We must wait for our desired resistance to break, such as weekly boxes in altcoins. For example, altcoins like SOL and LINK had significant movements after breaking their boxes and the related project events, even though the market corrected, they never reached the entry point again.
🔍 Previous Analysis:
In our previous analysis, we were primarily looking for short positions. Although it wasn't very tradable, the direction of the market was bearish due to Bitcoin and altcoin corrections, leading to further declines.
📅 Weekly Time Frame:
We failed to break out of the box on the weekly time frame, causing us to range within the box and move towards its bottom.
After getting rejected from the 4.658 ceiling, we turned bearish due to the lack of buying pressure and the presence of sellers, leading to a 60% decline.
Currently, we are at the 1.866 support level, but the precise support area in this time frame isn't clear. With so many red candles, a green candle for price or time correction is needed.
📆 Daily Time Frame:
On the daily time frame, we tried twice to break the 5.095 ceiling. However, the volume decreased on the second attempt, and the RSI registered a lower high. This, combined with the trigger activation, led to our current decline.
We also have a bearish curve and parabolic move. Until we break this curve line and the 2.348 resistance, we remain bearish.
Furthermore, the RSI entry into oversell indicates that continuing the move no longer breaks 30; currently, our oversell point is breaking the 28.99 line. A break of 1.903 could lead to further declines.
⏰ Four-Hour Time Frame:
In the four-hour time frame, we've created a relatively easy chart for trading and positioning.
📉 Short Position Strategy:
For short positions in the direction of the trend, since volume increased after the 2.083 rejection, we can easily open a short position by breaking 1.86 and move towards the bottom of the box.
📈 Long Position Strategy:
due to the number of touches and the structure we've formed, we can open a long position with appropriate risk after breaking 2.083. However, we need confirmation of closing above the resistance with good volume.
🔑 Key Support and Resistance Levels:
Supports: 1.903 , 1.619
Resistances: 2.348 , 3.140
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.