UNIUSDT - Bullish OutlookI'm planning to initiate a long position in UNIUSDT at the current market price of 4.17. This decision is rooted in a technical analysis that indicates a bullish trend.
The primary reason for this trade is the breakout from a trendline on the 1-day time frame, which has recently been retested and is now acting as support. This suggests a strong potential for a bullish continuation.
In addition to the trendline breakout, there is a bullish divergence observed in the Relative Strength Index (RSI), further supporting the bullish outlook.
To manage risk, I've set a stop-loss order at the level of the last lower low, which is at 3.75. This stop-loss level is designed to limit potential losses in case the market moves against the trade.
Furthermore, I'm aiming for a target price of 6.70, with the intention of implementing a trailing stop-loss to protect profits as the trade progresses.
It's important to note that trading carries inherent risks, and using sound risk management principles is crucial. Additionally, always consider your own risk tolerance and stay informed about market conditions when implementing trading strategies.
