Price: 0.678 | EMA7: 0.68 | EMA25: 0.75 | RSI14: 44.95 | Resistance: 3.596 | Support: 0.564 | Average Volume: 22558041.62 | Volume Trend: Increasing
Based on the provided technical analysis for RAD/USDT, here is the recommended advice on entry points:
1. For a Long (Buy) position:
Wait for a pullback to the support levels like 0.564 or to the upper range of the trading channel indicated by the EMA25 or even better, to underline RSI oversold conditions near 20. Once an entry point is identified, consider using the EMA7 as a first slower confirmation line and respect it before entering the trade.
1. For a Short (Sell) position:
Wait for a breakout of the key resistance level at 3.596 to get a signal for selling RAD/USDT, confirming with slower lines like the EMA25 for further validation.
Now, let's discuss the best spot buy price, considering the current values and trends:
1. Spot Buy Order:
Given the analysis above, you should place your spot buy order at the level above the current price since we expect the price is close to finding support or a potential bottom. A suitable buy price would be around the 0.8% retracement for the drop from 3.596 to 0.678. Using a Fibonacci retracement tool, I obtained the following buy level: 3.26
2. A more conservative buy point:
Considering a less risky approach, a conservative buy point would be near the lower trendline of the symmetrical triangle visible on the chart. This level is around 0.605, still based on today's closing price. However, it might be a better entry for those who prefer a safer option.
Remember, this analysis is based on traditional indicators and patterns. Be sure to always consider your risk management strategy before deciding on your buy price. Always consult a risk assessment plan according to your preferences before taking any trading decision, especially when entering trades in an ascending market such as the one depicted in the chart.