ENA is poised for a sharp downturn, with key indicators flashing red as it tests the lower bounds of its recent range. This ENA short setup is particularly compelling given the confluence of bearish signals.
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🔴 ENA SHORT 📉
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📍 Entry Range: $0.096543 – $0.096737
🛑 Stop Loss: $0.099539 (-3.0%)
🎯 TP1: $0.095190 (+1.5%)
🏆 TP2: $0.091808 (+5.0%)
⚡ R/R Ratio: 1:1.7
📊 Confidence: 91%
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The market structure break, as signaled by the CHoCH, has been confirmed by CVD, which indicates that volume is aligned with the downward direction, while the FVG and OB are setting up a perfect storm for a drop. The POI confluence, where OB and FVG overlap, further strengthens the case for this short. Overall, the structure looks primed for a move lower.
A 3.0% stop loss may be considered relatively tight, but given the strong signal confluence, it's manageable with moderate leverage, around 2-3x, to maximize the potential 1:1.7 risk-reward ratio.
Taking partial profits at the first target point could be a prudent strategy, allowing traders to lock in some gains while still riding the momentum of the potential downtrend.
Not financial advice — always manage your own risk 🙏
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