Reversal Action on the way
The price movement suggests a potential double bottom or a rounded bottom pattern, indicating a reversal from a downtrend to an uptrend.
- Support Level: The price seems to be finding support around 0.40, which could act as a strong base for a bullish move.
- Resistance Level: The recent high around 0.80 could serve as a target for bullish trades.
- Entry Point: Consider entering a long position around the current price of 0.47.
- Stop-Loss: Set a stop-loss just below the recent support level at around 0.38 to manage risk.
- Target Price: A reasonable target could be around 0.80, providing a good risk-to-reward ratio.
Summary
- Buy: 0.47
- Stop-Loss: 0.38
- Target: 0.80
- Support Level: The price seems to be finding support around 0.40, which could act as a strong base for a bullish move.
- Resistance Level: The recent high around 0.80 could serve as a target for bullish trades.
- Entry Point: Consider entering a long position around the current price of 0.47.
- Stop-Loss: Set a stop-loss just below the recent support level at around 0.38 to manage risk.
- Target Price: A reasonable target could be around 0.80, providing a good risk-to-reward ratio.
Summary
- Buy: 0.47
- Stop-Loss: 0.38
- Target: 0.80
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.