DOTUSDT - BULLISH OUTLOOKDOTUSDT is currently displaying a bullish divergence on the 1-hour (1H) time frame, suggesting the potential for a bullish reversal. This divergence is a positive sign and, when combined with other technical factors, could indicate an upcoming upward movement.
For traders considering a position, a proposed trading strategy is outlined below:
Entry: Contemplate entering a long position using a Buy Stop order at the price level of 7.07.
Stop Loss (SL): Implement a risk management Stop Loss order at 6.49.
Take Profit (TP): Set take-profit levels to achieve a 1:1 and 1:2 risk-reward ratio:
TP1 = 7.65
TP2 = 8.23
This strategy aims to capitalize on the anticipated bullish reversal. However, it's important to stay vigilant to any changes in market conditions and be prepared to adjust the strategy accordingly.