Caution on Price Overextension: Prepare for Minor Correction

Recent market activity indicates that the price has surged to levels that might be unsustainable, suggesting a possible minor correction if the critical support level at 122 is not broken. Traders holding leveraged long positions should exercise caution by setting stop-loss orders or securing profits to avoid potential losses if a downward correction occurs. The advice is to avoid making impulsive moves in the spot market, focusing instead on managing existing positions carefully. The cautionary tone highlights that the current price levels are very high, increasing the risk of a reversal or correction. Traders should consider the broader market conditions and technical signals, looking for signs of exhaustion or divergence that often precede a pullback. The emphasis on not giving back gains underscores the importance of risk management tactics at this juncture. Given the current state, it's prudent for investors and traders to reassess their positions and implement safeguards to protect accumulated profits. While the market may continue its upward momentum, the potential for a correction warrants vigilance. This interim phase could present opportunities for strategic adjustments, including taking partial profits or tightening stops. Overall, the market environment appears euphemistically overbought, signaling a need for prudence. The key technical level at 122 serves as a barometer for sustained upward movement; failure to hold this level could trigger a more pronounced correction, reinforcing the need for cautious positioning.