$ESP $Based on the 1-hour chart for ESP/USDT, here is the technical analysis and a high-probability trade setup.
Market Sentiment: Bearish (Short-term Downtrend)
The chart is currently Bearish. After failing to break back above the major resistance zone near 0.08700, the price has formed a "Double Top" variation and has flipped the SuperTrend indicator to red. It is currently making lower highs and lower lows.
Trade Setup
Direction: Short (Sell)
Entry Price: 0.07236 – 0.07450 (Entry at current market price or on a small relief bounce toward the breakdown level).
Stoploss: 0.07850 (Just above the SuperTrend resistance line and the recent swing high).
Target(s): * TP 1: 0.06500 (Previous major swing low/support).
TP 2: 0.05670 (Major long-term demand zone/base of the original pump).
Reason for the Trade
SuperTrend Rejection: The SuperTrend (10,3) is currently red, indicating that the sellers are in control. The price is trading well below the resistance line at 0.07846.
Failed Recovery: The chart shows a clear rejection at the previous
support-turned-resistance level. After the initial drop from 0.09440, the "relief rally" was sold off aggressively, creating a lower high.
Price Action: The asset is losing momentum. The blue volume bars are decreasing on upward moves, suggesting that there isn't enough buying pressure to sustain a reversal.
Targeting Liquidity: There is a clear "liquidity gap" down to the 0.06200 - 0.06500 area. Markets often move to fill these gaps once a structural break occurs.
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