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GMXUSDT Short Position Strategy with Targets and Entry Zone
The cryptocurrency GMXUSDT is currently in a prolonged downtrend with the price moving lower. A consolidation range has been formed, repeatedly tested in attempts to complete a correction and reverse the trend. At the 16.0 level, resistance and selling reactions are observed, creating mirror levels and liquidity below, along with liquidity gathering from smaller structures, hinting at large traders adding to their short positions.
Recently, a break below the trend support was seen, and currently, the price is consolidating below this level, hinting at a possible retest of the support. A recommended entry zone is between 15.25 and 14.73, with a stop loss placed according to individual risk management strategies. The projected targets are 13.41, 12.56, 11.50, and 10.50.
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AI Analysis
The current analysis indicates that GMXUSDT is in a clear downtrend on the 4-hour timeframe, characterized by a series of lower lows and lower highs. The formation of a consolidation or accumulation r...
AI Recommendation
Given the current downtrend and the structure of the market, initiating a short position within the suggested entry zone could be favorable for traders expecting continuation of this trend.
It is advi...
Disclaimer
The AI analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.