Technical analysis by TrendShredder about Symbol BOME: Sell recommendation (11/2/2024)

BBOME/USDT 1H - Short Setup Analysis 📉I'm looking at a potential short setup on BOME. Currently, we can see price action testing the recent support around the 0.0077 level after a sustained downtrend. The price has been respecting a descending trendline, and each bounce has been met with selling pressure, pushing it lower over time.Key Levels:Entry Zone: Just below the 0.0077 level after a confirmed break and retest.Take Profit Targets:First TP: 0.0069Second TP: 0.0059Stop Loss: Placed around 0.0080 to allow for minor pullbacks without risking too much.Technical Indicators:Price has been trading below both the 50 EMA and 200 EMA, indicating bearish momentum is still strong.The decreasing volume on the recent consolidations suggests weakness in the buying power, supporting the possibility of a breakdown.Strategy:I'm planning to enter this short if we get a clean breakdown and retest of the 0.0077 support. A close below this level on a 1H candle would confirm the entry signal. My first target is 0.0069, a previous support level. If bearish momentum continues, we could see price reach as low as 0.0059, a stronger support zone. Stop loss is set tightly above the recent consolidation highs to manage risk effectively.Let's see if the bears can maintain control here!